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Richemont’s fiscal year ended 31 March 2025 with sales of €21.399 billion, up 4% at both actual and constant exchange rates. Growth was led by its Jewellery Maisons, while Specialist Watchmakers sales declined 13%. Operating profit fell 7% to €4.467 billion, and the €2.750 billion reported profit for the year includes a large loss from discontinued operations linked mainly to the YNAP disposal.
What Richemont’s FY2025 results showed
Richemont announced its results on 16 May 2025 for the year ended 31 March 2025. The group’s audited figures show that higher sales did not translate into higher operating profit.
| Measure | FY2025 | Change or comparison |
|---|---|---|
| Sales | €21.399 billion | Up 4% at actual and constant exchange rates |
| Gross profit | €14.319 billion | Up 2%; gross margin was 66.9%, down from 68.1% |
| Operating profit | €4.467 billion | Down 7%; operating margin was 20.9%, versus 23.3% |
| Profit from continuing operations | €3.762 billion | Down 1% |
| Reported profit for the year | €2.750 billion | Includes a €1.012 billion loss from discontinued operations |
| Operating cash flow | €4.443 billion | FY2025 figure |
| Net cash at year-end | €8.257 billion | As at 31 March 2025 |
Richemont Chairman Johann Rupert said sales rose 4%, “led by high single-digit growth at the Jewellery Maisons over the year.” The company described the overall performance as “robust”; that is management’s characterization, while the figures show a clear split between sales growth and lower operating profit. The FY2025 results announcement also reported that sales accelerated in the second half: they rose 10% in the third quarter and 8% in the fourth quarter at actual exchange rates. Direct-to-client sales represented 76% of group sales.
Which businesses drove growth?
Richemont groups its operations into Jewellery Maisons, Specialist Watchmakers, and Other, primarily its Fashion & Accessories Maisons. Their FY2025 sales and operating results diverged sharply.
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| Business area | FY2025 sales | Sales change | Operating margin |
|---|---|---|---|
| Jewellery Maisons | €15.3 billion | Up 8% | 31.9% |
| Specialist Watchmakers | Not stated in the FY2025 announcement | Down 13% | 5.3% |
| Other | Not stated in the FY2025 announcement | Up 7% | Not stated in the FY2025 announcement |
Jewellery Maisons were the largest business area and the principal growth engine: their €15.3 billion in sales accounted for most of the group’s €21.399 billion total. The contrast was especially pronounced in watches, where a 13% sales decline accompanied a 5.3% operating margin. The figures describe performance across the business area, not a uniform result for every watch brand.
How did sales differ by region?
At actual exchange rates, sales rose in four reported regions and fell in Asia Pacific. Richemont attributed the Asia Pacific contraction principally to weakness in China, Hong Kong, and Macau combined.
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| Region | FY2025 sales change at actual exchange rates |
|---|---|
| Europe | Up 10% |
| Americas | Up 16% |
| Japan | Up 25% |
| Middle East & Africa | Up 15% |
| Asia Pacific | Down 13% |
These regional results help explain why the group total conceals different market conditions. Richemont identified weakness in China, Hong Kong, and Macau as the principal factor in Asia Pacific’s decline; the figures do not establish that regional exposure alone caused the Specialist Watchmakers decline.
Why reported profit was lower than continuing-operations profit
The €2.750 billion reported profit includes both continuing and discontinued operations. Continuing operations generated €3.762 billion in profit, while discontinued operations recorded a €1.012 billion loss. Richemont said that loss primarily reflected a €954 million write-down of YNAP net assets held for sale.
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The YNAP sale to Mytheresa completed on 23 April 2025, after Richemont’s financial year had ended. The FY2025 announcement said Richemont held a 33% stake in newly created LuxExperience following the transaction; that is the company’s statement at the transaction date, not a claim about its current ownership.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How FY2025 compares with later results
FY2025 is a historical full-year result, not Richemont’s latest trading picture. In its FY2026 annual results, the group reported sales of €22.420 billion, up 5% at actual exchange rates and 11% at constant rates. Total profit rose 27% to €3.484 billion, but Richemont said that increase partly reflected the non-recurrence of the roughly €1.0 billion YNAP write-down in discontinued operations in the previous year.
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The latest trading update available as of 8 October 2026 covers the three months ended 30 June 2026, the first quarter of FY2027. Sales were €6.329 billion, up 17% at actual rates and 20% at constant rates. In that quarter, Jewellery Maisons sales rose 21% actual and 24% constant; Specialist Watchmakers rose 6% and 8%, respectively; and Other rose 7% and 9%. Richemont reported growth at constant rates in all regions. These quarterly growth rates should not be treated as directly comparable to a full-year result. The company’s announcement scheduled FY2027 interim results for 13 November 2026.
Richemont’s FY2025 results announcement gives the detailed financial and segment figures. Its FY25 Annual Report publication notice identifies the annual report’s chairman’s review, consolidated and statutory financial statements, and audit reports.
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