Jewelry 2025 propels Richemont to the first quarter ending June 30,
's steady strength Richemont in fine jewelry. Driven by Cartier and Van Cleef & Arpels, the group posted solid growth despite a mixed global environment. Sales reached approximately €5.4 billion, up 6 percent at constant exchange rates and 3 percent as reported. The Jewellery Maisons grew by 11 percent at constant exchange rates and remains the primary driver of value creation.
market luxury and appetite for iconic pieces
For the past four years, demand has shifted towards heritage icons, bespoke creations, and high-end event jewelry . In this cycle, the ability to tell the story of the materials, the origin of the stones, and the craftsman's skill makes all the difference. Richemont confirm this interpretation: jewelry cushions the occasional slowdowns in more cyclical segments and establishes a trajectory that is all the more robust because it is fueled by exclusive events and carefully timed launches.
Key results: a winning mix and disciplined execution
The quarter saw growth of 6 percent at constant exchange rates. Jewellery Maisons reached approximately €3.9 billion, up 11 percent, while Specialist Watchmakers declined by 7 percent at constant exchange rates and the Other decreased by 1 percent. Retail accounted for 69 percent of sales and grew by 6 percent, demonstrating that the in-store experience remains the heart of the business model. Online retail and wholesale also grew by 6 percent at constant exchange rates, driven by the jewelry sector.
Geographic mapping: Americas in the lead, Europe solid, Asia in contrast
The regional breakdown is clear. The Americas and the Middle East & Africa each show a 17 percent increase at constant exchange rates, Europe is up 11 percent, Asia-Pacific is stable, and Japan is down 15 percent on a very high comparison base. In an environment where the normalization of demand is still weighing on some Asian markets, the strength of local customers in North America and Europe is fueling the momentum of jewelry houses.
Cartier and Van Cleef & Arpels: creative and commercial powerhouses
The creative leadership of Cartier and Van Cleef & Arpels is expressed in two complementary areas: the power of their signature collections and the allure of their fine jewelry. The quarter was supported by high-profile events in Europe that boosted both local and tourist demand. This carefully managed promotional strategy, combined with selective distribution, maintains desirability while protecting value.
Personalization, sustainability, digital: three levers that enhance desirability
High-end clients prioritize pieces with strong emotional resonance and lasting value. Personalized appointments, gem traceability, and the showcasing of craftsmanship in private salons are becoming standard. In the digital realm, Richemont is accelerating practical applications: online appointment booking,e-commerce and assisted fitting services, and seamless order tracking, all while maintaining the core of the in-store relationship. This hybrid retail and online approach supports growth without compromising the experience.
Premium retail execution that makes all the difference
With 69 percent of sales generated in retail, in-store hospitality remains crucial. The quarter highlights the strength of the model: jewelry demonstrations, presentation booths, material education, adjustments, and maintenance services. The enhanced hospitality experience fosters preference and drives repeat purchases in the Americas and Europe, where the network effect and quality of service support foot traffic, even outside of peak tourist seasons.
What channels and categories say about market direction
The decline in Specialist Watchmakers and the slight drop in Fashion and Accessories highlight the cyclical nature of the market in segments more sensitive to consumer spending. Conversely, jewelry stands out as a haven for aesthetics and heritage. This polarization is likely to continue as long as the macroeconomic environment remains heterogeneous, with potential price increases carefully managed according to precious metal prices and currency exchange rates.
Perspectives: creative continuity, disciplined supply, and market selectivity
The outlook remains positive for jewelry in the second half of the year. Geographically, the priority remains selectivity: accelerating growth where local demand is strong, calibrating allocations in areas still normalizing, and maintaining supply discipline to protectbrand equity. On the product side, the combination of timeless icons and high-end event jewelry should continue to support margins and growth . Investors applaud this resilience and the dominance of the jewelry segment, despite a more volatile dynamic in specialized watchmaking.
Key takeaways for the luxury
The quarter confirms three key takeaways. First, jewelry 's structural engine Richemont, capable of absorbing regional fluctuations. Second, value is created in retail execution and in the creation of events that give meaning and time to the pieces. Third, a keen understanding of the markets has become crucial: North America and Europe are performing well, Asia is rebalancing, and Japan is normalizing. In this landscape, Richemont appears well-positioned to convert desirability into sustainable performance.
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