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Richemont’s April–June 2025 sales rose 6% at constant exchange rates, but sales in its Specialist Watchmakers business area fell 7% at constant rates. At actual exchange rates, the Group gained 3% and Specialist Watchmakers declined 10%. The company published the unaudited figures on 16 July 2025 and labels the quarter Q1 FY2026, although it is often described as Q1 2025.
How Richemont’s sales changed in April–June 2025
The Group’s €5,412 million in sales compared with €5,268 million in the same quarter a year earlier. Specialist Watchmakers recorded €824 million, down from €911 million. The rate distinction matters: constant-exchange-rate figures remove currency movements from the comparison, while actual-exchange-rate figures reflect them.
| Business area | Sales, April–June 2025 | Prior-year sales | Change at constant exchange rates | Change at actual exchange rates |
|---|---|---|---|---|
| Richemont Group | €5,412 million | €5,268 million | +6% | +3% |
| Specialist Watchmakers | €824 million | €911 million | -7% | -10% |
| Jewellery Maisons | €3,914 million | €3,656 million | +11% | +7% |
| Other | €674 million | €701 million | -1% | -4% |
These are business-area sales, not unit volumes or individual brand results. Richemont’s release does not report sales for each watch Maison or identify particular models behind the change. The figures are unaudited.
Why Group sales rose while watch sales fell
The Group total includes its Jewellery Maisons and other businesses as well as Specialist Watchmakers. Jewellery Maisons, which include Buccellati, Cartier, Van Cleef & Arpels and Vhernier, grew 11% at constant exchange rates, with the company citing support from jewellery and watch product lines. That strength helped lift Group sales even as Specialist Watchmakers contracted.
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Richemont attributes the Specialist Watchmakers decline largely to lower sales in China, Hong Kong and Macau combined and in Japan, partly offset by double-digit growth in the Americas. This is the company’s explanation; its release does not provide independent analysis of the causes or a breakdown by watch brand.
Regional picture: growth in the Americas, decline in Japan
Richemont reported the following regional changes for the quarter. Constant-rate and actual-rate figures are shown separately:
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| Region | Change at constant exchange rates | Change at actual exchange rates |
|---|---|---|
| Europe | +11% | +11% |
| Asia Pacific | Stable | -4% |
| Americas | +17% | +10% |
| Japan | -15% | -13% |
| Middle East & Africa | +17% | +11% |
For the Group overall, Richemont said Asia Pacific was stable at constant exchange rates because a 7% decline in China, Hong Kong and Macau combined was offset by growth in almost all other Asian markets. It said Japan’s 15% constant-rate decline followed a +59% prior-year comparison; the company linked weaker tourist spending, particularly from Chinese customers, to a strengthening yen, while saying local demand remained positive. These regional explanations refer to Group sales and should not be treated as a brand-level account of watch performance.
Sales channels and the Specialist Watchmakers portfolio
All three distribution channels grew 6% at constant exchange rates. At actual exchange rates, retail rose 3%, online retail rose 3%, and wholesale and royalty income increased 2%.
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| Channel | Sales | Change at constant exchange rates | Change at actual exchange rates |
|---|---|---|---|
| Retail | €3,734 million | +6% | +3% |
| Online retail | €323 million | +6% | +3% |
| Wholesale and royalty income | €1,355 million | +6% | +2% |
Retail accounted for 69% of Group sales. Richemont’s Specialist Watchmakers area includes A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin. The release gives no individual Maison sales, so the area-wide decline cannot establish which brands, if any, fell or grew.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the result does—and does not—show
The headline is a divergence: the Group grew, led in part by Jewellery Maisons, while Specialist Watchmakers sales declined. The quarter’s reported figures do not disclose watch unit volumes, individual brand performance, or model-level demand. Nor do they establish causes beyond Richemont’s stated regional account. For the original unaudited results and company commentary, see Richemont’s 16 July 2025 announcement.
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