Not all images were able to load for printing. Please close the print window and try again. Richemont Reports Annual Growth for the fiscal year Ended March 2025, Despite Challenges
Sales for the last quarter up 8% in a challenging environment, with the watch division's activity contracting.
The slowing global economy and changes in consumer behaviour are hurting the luxury watch industry. Geneva-based luxury goods group Richemont reported a 4% increase in sales for their 2024/25 year, closing at the end of March at EUR 21,399 million. At EUR 3.8 billion, the profit for the year’s continuing operation is down 1%. This robust performance in a challenging environment was secured thanks to the Jewellery Maisons (Cartier and Van Cleef & Arpels, in particular), with sales of EUR 15,328 million, up 8% at actual and constant rates. On the other hand, sales of Specialist Watchmakers were down by 13% at EUR 3.283 million. Jewellery Maisons now represent 71% of the whole activity, while Specialist Watchmakers account for 15% of the Group’s sales.
Richemont reports that the contraction of business for Specialist Watchmakers was largely affected by the business in Asia Pacific, in particular China, Hong Kong and Macau, with a 27% contraction in sales for a region that represented 50% of the sales of the division the previous year. The Group also mentions a better resilience for Vacheron Constantin and A. Lange & Sohne.
From a geographical perspective, Richemont’s business was up in most regions to offset the decline in Asia Pacific (-13%) due to weaker consumer confidence in China. Sales were up in Japan (+30%), the Americas (+15%), Europe (+11%) and the Middle East and Africa (+14%) at constant exchange rates.
By distribution networks, sales were up in the Group’s boutiques (+6% at constant rates) and online (+11%) while wholesale and royalty income contracted by 3%. For more details, please visit www.richemont.com.
