Compagnie Financière Richemont SA reported group sales of €22.4 billion for the fiscal year ended March 31, 2026, up 11% at constant exchange rates and 5% at actual rates, the Swiss luxury group announced May 22. Net profit rose 27% to €3.5 billion, with growth accelerating in the fourth quarter as the Jewellery Maisons division — anchored by Cartier and Van Cleef & Arpels — drove the bulk of gains.
The Richemont fiscal 2026 results, detailed in the group’s official FY2026 results announcement, mark one of the strongest performances by any major luxury conglomerate during a year characterized by uneven sector demand. The figures stand in sharp contrast to softer comparable readings at LVMH and ongoing restructuring at Kering.
Sales Hit €22.4 Billion as Group Accelerates Into Year-End
Fourth-quarter growth accelerated to 13% at constant exchange rates, up from 11% in Q3. Operating profit reached €4.5 billion at a 20.0% margin. Diluted earnings per share climbed 27% year-over-year to €5.909. The group closed the period with a net cash position of €8.5 billion and €4.9 billion in operating cash flow.
Richemont described the year as one of sustained double-digit growth across all business areas, regions and distribution channels. The retail channel — 72% of revenue — grew 12%. Wholesale rose 9% and online sales added 5%. The results echo a broader earnings recovery already visible in Ralph Lauren’s record $8B FY2026 revenue and Tapestry’s Q3 2026 earnings beat.
Jewellery Maisons Lead With €16.5B at 30.5% Operating Margin
The Jewellery Maisons segment — comprising Cartier, Van Cleef & Arpels, Buccellati and Vhernier — generated €16.5 billion in revenue, or 73% of group sales. The division grew 14% at constant rates and 8% at actual rates, delivering €5 billion in operating profit at a 30.5% margin.
Jefferies analyst James Grzinic called the segment “the remarkable locomotive for growth” and labeled Richemont the “fastest growing in luxury.” Cartier’s high-end momentum was reinforced this season by launches including Cartier’s Le Chœur des Pierres high jewelry collection, while both maisons continue to feature prominently in the Lyst Index Q1 2026.
“Each Maison operates within its own market sector dynamics. The success of many collections highlights the importance of nurturing strong creativity consistent with a clear and distinctive identity, supported by consistent execution over time.” — Johann Rupert, Chairman, Compagnie Financière Richemont SA
Americas Drive Strongest Regional Growth; Asia-Pacific Stabilizes
The Americas posted double-digit growth for the full year, leading all regions. Middle East & Africa also delivered double-digit gains despite end-of-year conflict impacts. Europe grew at a high single-digit pace, with the UK and Italy ranking among the strongest individual markets. Japan added high single-digit growth.
Asia-Pacific delivered high single-digit growth overall. The combined China, Hong Kong and Macau market recorded only slight growth — but that reading represents a stabilization after several quarters of contraction. Prada Group’s Q1 2026 results showed a similar 34% Americas surge, signaling that US consumer demand for high-end luxury remains a dominant theme this cycle. Moncler Group’s Q1 2026 results further confirmed the pattern.
Watch Division Flat; Fashion and Accessories Segment Steady
The Specialist Watchmakers division — IWC, Jaeger-LeCoultre, Panerai, Piaget, Vacheron Constantin and A. Lange & Söhne — posted €3.1 billion in revenue, down 4% at actual rates and up 1% at constant rates. Operating margin compressed to 3.4%, a stark gap relative to the Jewellery Maisons’ 30.5%. Sector context comes from the recent Audemars Piguet x Ambush Royal Oak Concept launch, which underscored continued premium-end strength even as mid-tier watches lag.
Richemont also announced the sale of Baume & Mercier to the Damiani Group — a portfolio streamlining move that parallels LVMH’s sale of Marc Jacobs in the same calendar quarter. The Fashion & Accessories and Other segment reported €2.7 billion, stable at actual rates and up 3% at constant rates. Alaïa and Peter Millar maintained momentum and Montblanc improved sequentially. An operating loss of €96 million in the Other segment reflects ongoing investment.
Dividend Raised; Chairman Flags Persistent Macro Uncertainty
The Richemont board proposed a 10% increase to the ordinary dividend, lifting it to CHF 3.30 per share, alongside a special dividend of CHF 1.00 per share. Chairman Johann Rupert cited the Middle East conflict as an ongoing concern and pointed to currency headwinds and rising raw material costs — particularly gold — as constraints against otherwise strong underlying momentum.
Vontobel Equity Research analyst Jean-Philippe Bertschy called the results “spectacular,” especially relative to LVMH. Richemont outpaced its larger rival in comparable luxury performance for the period, a reversal of the long-running narrative that has favored Bernard Arnault’s group. The contrast with Kering’s ReconKering restructuring plan is sharper still: where Kering is cutting to stabilize, Richemont is compounding from strength.
Investors and brand watchers can expect Richemont to keep concentrating capital around high-margin jewelry and prestige watch tiers. For continued coverage of luxury earnings cycles and brand strategy, readers can follow our reporting on Deckers Brands’ record FY2026 revenue and bookmark our Fashion News section for ongoing analysis.
