Cartier owner Richemont has reported strong first-half results, with sales rising 17% as demand for high-end jewellery held firm despite a volatile global economy. The Swiss luxury group published its interim results on Friday, 13 November 2026.

Group sales reached €12.3 billion in the six months to 30 September, up 17% at constant exchange rates and 16% at actual rates. Growth stayed in double digits in the second quarter, with sales up 13% against a strong comparison from a year earlier.

Operating profit rose 33% to €3.1 billion, while profit for the period increased 39% to €2.5 billion. The operating margin widened to 25.5%, up 330 basis points on the same period last year.

Jewellery leads the growth

The Jewellery Maisons division, which includes Cartier, Van Cleef & Arpels, Buccellati and Vhernier, again drove the performance. Sales in the division rose 19% at constant exchange rates, or 18% at actual rates, and its operating result reached €3.2 billion, up from €2.5 billion a year earlier.

Quarterly sales also beat market expectations. In the three months to the end of September, sales rose 13% at constant currencies to €5.95 billion, ahead of analyst forecasts of €5.89 billion, according to a consensus compiled by Visible Alpha.

Richemont said demand was strong for its iconic jewellery and watch collections across most regions, supported by new products and steady pricing discipline even as raw material costs remained high.

Watchmakers return to growth

The Specialist Watchmakers division recorded sales of €1.7 billion, up 9% at actual rates and 10% at constant rates. Operating profit in the division rose to €150 million from €50 million a year earlier, helped by growth at Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Söhne.

The group said demand in China remained soft, but sales were stable in Asia Pacific overall and rose by double digits in all other regions, led by the Americas and Japan.

Direct sales to clients continued to grow, with retail and online channels accounting for 78% of group sales, two percentage points higher than a year earlier.

Cash position strengthens

Richemont ended the half year with a net cash position of €7.7 billion, after generating €2.5 billion of cash from operating activities and receiving €0.4 billion from the disposal of its stake in travel retailer Avolta.

Operating profit included €229 million of positive one-time items linked to tariffs. Excluding those items, operating profit was €2.9 billion and the operating margin was 23.6%.

Chairman Johann Rupert said the group had delivered a strong first half in a volatile geopolitical and economic environment, and that it expected conditions to remain volatile for the foreseeable future. He said the results reflected the strength of the group's long-term strategy and the enduring appeal of its Maisons.

The results come after a strong run for luxury shares this week, with rival Burberry also reporting resilient demand. For Richemont, the question now is whether jewellery demand can keep offsetting softer watch sales in China through the second half of its financial year.

Sources: Richemont interim results announcement and Reuters.