RICHEMONT Half-Year: Watchmakers Up 10%, Middle East Down 2%

RICHEMONT lifted sales by 17% at constant exchange rates to EUR 12.3 billion in the six months to 30 September 2026. The Middle East and Africa was the only region where sales declined.

Key Highlights

• Group sales reached EUR 12.3 billion for the six months to 30 September 2026, up 17% at constant exchange rates and 16% at actual rates.
• Sales in the Middle East and Africa declined by 2%, while every other region grew by double digits.
• The Specialist Watchmakers grew 10% at constant exchange rates to EUR 1.7 billion, led by VACHERON CONSTANTIN, JAEGER-LECOULTRE and A. LANGE & SÖHNE.
• The Jewellery Maisons grew 19% at constant exchange rates and delivered an operating result of EUR 3.2 billion.
• Operating profit rose 33% to EUR 3.1 billion, and profit for the period rose 39% to EUR 2.5 billion.

One Region Against the Trend

The half-year results published by RICHEMONT on 13 November 2026 show growth in the Americas, Europe, Asia Pacific and Japan. Sales rose 23% in the Americas, 12% in Europe, 17% in Asia Pacific and 18% in Japan at actual exchange rates, and 30% in Japan at constant rates.

The Middle East and Africa moved the other way, with sales down 2% at both actual and constant exchange rates. The group gives its own reading of that figure: local demand was resilient, while tourist spend eased, particularly in the United Arab Emirates, in the regional context since March. In the words of the announcement, growth was recorded “across all major markets except the Middle East and Africa”.

Watchmakers Still Grew in the Region

The watchmakers followed their own course in the region. RICHEMONT states that sales at its Specialist Watchmakers were led by growth in the Americas, complemented by double-digit growth in Europe, Japan and the Middle East and Africa. The Jewellery Maisons, by contrast, recorded double-digit growth in every region except the Middle East and Africa.

The Specialist Watchmakers are A. LANGE & SÖHNE, IWC SCHAFFHAUSEN, JAEGER-LECOULTRE, PANERAI, PIAGET, ROGER DUBUIS and VACHERON CONSTANTIN. Together they recorded sales of EUR 1.7 billion, up 9% at actual rates and 10% at constant rates, with 12% in the second quarter. Most of these Maisons grew, and the group names VACHERON CONSTANTIN, JAEGER-LECOULTRE and A. LANGE & SÖHNE as the leaders. Sales in Asia Pacific were stable.

“I am pleased to see our Specialist Watchmakers delivering growth for over a year now.”
Johann Rupert, Chairman, RICHEMONT

Jewellery Carries the Profit

The Jewellery Maisons, BUCCELLATI, CARTIER, VAN CLEEF & ARPELS and VHERNIER, grew 18% at actual rates and 19% at constant rates. Their operating result reached EUR 3.2 billion, from EUR 2.5 billion a year earlier, for an operating margin of 35.3%.

Margins at the watchmakers are rising from a lower base. Their operating profit reached EUR 150 million, from EUR 50 million a year earlier, for a margin of 8.8%. RICHEMONT attributes the improvement to solid sales growth combined with cost discipline.

Group Figures and What Comes Next

Group operating profit rose 33% to EUR 3.1 billion, or EUR 2.9 billion excluding EUR 229 million of positive tariff-related one-time items. Profit for the period reached EUR 2.5 billion, up 39%, and the net cash position stood at EUR 7.7 billion on 30 September 2026. Direct-to-client sales, retail and online combined, represented 78% of the total, from 76% a year earlier.

Growth at constant rates reached 20% in the first quarter and 13% in the second, against a high comparison base. RICHEMONT keeps a prudent outlook for the months ahead. Its 2026 Interim Report will be available from 20 November 2026.

Source: RICHEMONT, results for the six-month period ended 30 September 2026, ad hoc announcement of 13 November 2026. Figures are unaudited.