Richemont progresses (almost) alone in a luxury market under pressure
Global luxury is slowing down, but Richemont is pursuing its trajectory with prudence and efficiency. Against a tense global economic backdrop, the Swiss group Richemont, owner of Cartier, Van Cleef & Arpels and Montblanc, reports annual growth of +4% for its fiscal year ending March 2025, reaching sales of 21.4 billion euros. A half-tone performance, but one that contrasts with the sluggish results of its direct competitors.
A resilient model in the face of Asian imbalances
The 13% decline in the Asia-Pacific region, mainly due to the Chinese slowdown, could have weakened the overall picture. But Richemont was able to compensate by rebalancing its performance: Japan grew by 25%, the Americas by 16%, Europe by 10% and the Middle East by 15%. A strategic geographical pivot that illustrates the Group’s ability to anticipate and adapt.
Jewelry in the lead, watches lagging behind
Jewelry remains the Group’s driving force, with robust growth of 8% and sales approaching 15.3 billion euros. Conversely, watchmaking sales fell back 13%, a victim of less sustained demand. However, certain brands such as Vacheron Constantin and Jaeger-LeCoultre are doing well, thanks to well-targeted launches and solid demand in the West.
A clever digital exit: YNAP becomes LuxExperience
Another highlight was the sale of YNAP (Yoox Net-A-Porter) to Mytheresa, formalized in April 2025. The amount was not disclosed, but analysts estimate it at €555 million. In exchange, Richemont retains a 33% stake in LuxExperience, the new name of the merged group, while providing a 100 million euro credit facility.
A strategic disengagement rather than a withdrawal: digital remains in the sights, but Richemont has chosen to approach it through participation rather than direct operation.
Richemont charts its own course
With LVMH down 17% and Kering down 12%, Richemont is the exception. Without overplaying its performance, the Swiss group has adopted a methodical approach: controlled, selective luxury, closer to the expectations of a market that is now in a state of flux.
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