Richemont reported a 11% year-on-year sales rise at constant rate to €6.4 billion for Q3 FY26, surpassing consensus estimates. The group’s critical Greater China market saw sales increase by 2%, marking a second consecutive quarter of recovery. This stabilisation is a pivotal signal for the wider luxury sector.
Jewellery houses like Cartier and Van Cleef & Arpels drove performance, with sales up 14%. Successful launches of new items, including bracelets and pendants, captured gifting demand. The specialist watchmakers, encompassing IWC and Jaeger-LeCoultre, also grew, posting a 7% sales increase.
As an early indicator for the sector, I reckon these results suggest resilient demand for high-end goods. The sustained improvement in China, particularly Hong Kong, will be a critical theme for 2026. While a V-shaped recovery is not anticipated, this stabilisation provides a foundation for cautious optimism.