(BFM Stock Exchange) – The Swiss group delivered an activity slightly above expectations for its first quarter, closed at the end of June. Richemont has unveiled a tonic activity in jewelry, and in Europe but accuses Japan due to an unfavorable basic effect. The watchmaking division disappoints.

Last week, the Italian claw Bruelllo Cucinelli gave the results of the results in luxury season. This small player in the sector opened the ball on a good note, by delivering growth of 11.4% in the second quarter.

For French groups, you will still have to wait. LVMH, Kering and Hermès, will deliver their accounts respectively on July 24, 29 and 30.

The Swiss Richemont has just lends itself to the exercise of publications, and announced this Wednesday, July 16, its activity point for the first quarter of its staggered year 2025-2026.

Jewelry always shines

In the quarter alone from April to the end of June, the owner of the Cartier brands, Van Cleef & Arpels unveiled its income growth of 6% at constant exchange rates and 3% in published data, to 5.4 billion euros.

Richemont was mainly fired by its main division, jewelry (72% of income), where growth reached 11% at constant exchange rates.

The Swiss group has exceeded expectations, both on its overall growth and in jewelry. According to a consensus quoted by Bank of Canada, analysts were tabling on an increase in revenues of 5% at constant exchange rates and 9% for the jewelry division alone.

Conversely, watchmaking (15% of income) saw its turnover fall from 7% at constant exchange rates which is worse than feared by consensus (-5%)

By geographic area, the situation is still contrasting even if all regions have exceeded expectations in terms of organic growth (in comparable data), specifies Bernstein.

In Asia-Pacific, sales remained stable (against a 4% drop expected by consensus). The decline of 7% of the activity in China, Hong Kong and Macao was entirely offset by robust growth in almost all other Asian markets, explains Richemont which specifies that sales in Australia and South Korea have experienced two -digit growth.

In Japan, the activity dropped by 15% when the consensus awaited an increase of 7% of sales in the country. Richemont cited a high comparison base after a strong increase of 59% of sales at the same period of the previous year. The firming of the Japanese Yen has slowed down the expenses of tourists, especially those of Chinese customers while local demand has remained positive.

A dynamic activity in Europe

Apart from this area, Richemont has recorded significant growth over all of its regions. In Europe, income increased by 11% excluding changes (against 10% expected by consensus), thanks to the expenditure of tourist customers and a local demand qualified as robust by the company. The activity increased by 17% in the “Americas” zone, against expectations housed at 12% in the latter region.

“From the COVVI-19 pandemic, Richemont has recorded greater income growth than that of the market for its flagship division houses of jewelry, which remains healthy although moderate,” said Royal Bank of Canada. “However, its division specializing in watchmaking is under pressure, taking into account a more difficult watch cycle, which dilutes the growth and profitability of the group,” said the financial intermediary.

Let us recall that the group is evolving on the niche of “Hard Luxury” (watchmaking, jewelry as opposed to the soft luxury which brings together leather goods and clothes), a segment that has resisted the storm on luxury last year. This because the “Hard Luxury” has a lower exhibition to so -called “aspirational” customers, turned to products less expensive and more sensitive to the economic situation.

A positioning that allows Richemont to sign one of the best stock market performance among the major luxury players this year.

On the Zurich Stock Exchange, its title reacts, certainly not very little to this relatively mixed publication, with an increase of only 0.2% around 12 noon. But over the entire 2025, Richemont takes 8%.

A performance that is much better than those of LVMH (-25.3%), Kering (-18.1%), Salvatore Ferragamo (-25%), Prada (-21.50%) or Brunello Cucinelli (+1.5%). Even Hermès, the refuge value of luxury par excellence, often considered the best student in the sector, is beaten (+5%). Only the Burberry action does much better (+26.8%). But the British label rebound is partly explained by the fact that its stock market price had sunk in the stock market abyss in 2023 and 2024.