Richemont Q1 sales jump 20% as jewelry rises 24%

Swiss luxury group Richemont reported a stronger-than-expected 20 percent sales increase for its first fiscal quarter, driven by a sustained boom in high-end jewelry that has defied broader sector headwinds. The company, which owns Cartier and Van Cleef & Arpels, said sales reached 6.33 billion euros for the three months ended June 30, surpassing analyst forecasts.

The performance was powered by the company's jewelry division, where sales surged 24 percent at constant exchange rates to 4.7 billion euros. This marks the seventh consecutive quarter of double-digit growth for the segment, significantly exceeding analyst expectations. The specialist watchmakers division, including brands like Piaget and Vacheron Constantin, posted an 8 percent sales increase, while other businesses, including fashion brands Chloé and Alaïa, grew by 9 percent.

Geographically, the results revealed robust demand across key markets. Japan led growth with a 36 percent sales increase, which the company attributed to strong local demand and tourist spending. The Americas followed with a 27 percent rise, and the Asia-Pacific region, which includes China, grew by 21 percent. Sales in Europe increased 11...