Richemont's first-quarter sales rise 20%, with Japan its strongest market at +36%
Richemont's group sales rose 20% at constant rates in its first quarter, led by a resurgent jewellery division and a fast-growing owned-retail channel — but no market outran Japan, up 36% even as the country's tourist arrivals slipped for a second straight month.
Compagnie Financière Richemont said group sales rose 20% at constant exchange rates, and 17% at actual rates, to €6.3 billion in the three months to 30 June 2026, the first quarter of the Swiss luxury group's 2027 financial year. Of every market it reports separately, none grew faster than Japan, up 36% at constant rates, according to Richemont's own results statement issued Wednesday.
Jewellery Maisons, the group's largest division and home to Cartier and Van Cleef & Arpels, grew 24% at constant rates, which Richemont said marked a "seventh consecutive quarter of double-digit growth." Specialist Watchmakers, the smaller division that includes IWC Schaffhausen and Jaeger-LeCoultre, grew a slower 8%, and Fashion & Accessories Maisons rose 9%.
By distribution channel, retail, sales through Richemont's own boutiques and now 71% of the group total, grew 24%, well ahead of the 9% recorded through wholesale, the channel that runs through independent multi-brand retailers and franchise partners. Online retail, still a small slice of the mix, grew 18%. Richemont also reported its net cash position improved to €9.1 billion, from €7.4 billion a year earlier.
Japan pulls away from the pack
By region at constant exchange rates, Europe grew 11%, Asia Pacific (reported separately from Japan) grew 21%, the Americas grew 27%, and the Middle East & Africa grew 3%. Japan, which Richemont breaks out as its own market rather than folding it into the wider Asia Pacific total, was the fastest-growing of the five at 36%.
Richemont's Japan number landed the same day Japan's tourism agency reported inbound visitor arrivals fell 6.8% year on year in June, a second consecutive monthly decline. Read together, the two releases are a reminder not to treat Japan luxury spending as a straightforward proxy for tourist headcount: a market growing 36% even as arrival counts soften points to yen-driven spending by the travellers who do come, and to domestic demand, doing more of the work than footfall alone suggests.
Whether that holds through the rest of the year is a question a single quarter can't answer. For now, though, Japan is carrying more of Richemont's growth than any other market the group discloses.
% change year on year, constant exchange rates