Richemont posted group sales up 14% at constant exchange rates to €5.2 billion in the second quarter of fiscal 2026, ended 30 September, driven by strong sales at its jewelry division (up 17%, against a 10% consensus).

“Richemont smashed first-half consensus expectations,” Bernstein luxury goods analyst Luca Solca wrote in a note. “The beat is broad: on all divisions and geographies.”

Sales at the specialty watchmakers division, including IWC Schaffhausen, Jaeger-LeCoultre and Vacheron Constantin, were up 3% versus a consensus of -3%. Second-quarter sales at the conglomerate’s “other houses” division, which includes fashion and accessories brands, were up 6% versus a 2% consensus.

Asked during a media call on Friday about whether the main reason behind Richemont’s sales rise (despite th

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