Richemont shares rise 8% on positive Q2 financials
Richemont experienced a positive financial performance in the second quarter of its 2026 fiscal year, with a notable 14% increase in turnover at constant exchange rates, compared to 6% in the previous quarter. The company reported total sales of €10.6 billion for the first half, marking a 10% rise at constant rates. The share price rose by 8% after the announcement, reflecting a 15% increase over the past month. While the jewellery divisions, including Cartier and Van Cleef & Arpels, drove growth with a 17% sales increase, specialist watchmakers saw a 2% decline, although this was an improvement from a 7% drop in the previous quarter. Richemont's chairman highlighted strong performance in various regions, particularly Europe, the Americas, and the Middle East, while noting a return to growth in China, Hong Kong, Macau, and Japan. Despite the encouraging results, the chairman warned of ongoing uncertainty in the market, particularly in China, emphasizing the need for agility and discipline in navigating these challenges. The disparity between jewellery and watchmaker contributions to operating profit was significant, with jewellery maisons generating €4.9 billion compared to just €175 million from specialist watchmakers.
