Richemont Beats Expectations as China’s Stabilisation Revives Confidence in the Luxury Sector

The Swiss luxury group Richemont, owner of some of the industry’s most influential maisons, including Cartier, has opened the year with a reassuring message for the global luxury market: China is beginning to stabilise and once again acts as a source of confidence for the sector. The group has reported quarterly results above market expectations, driven primarily by the strength of its jewellery division and a gradual improvement in Asian consumer demand.

Over the most recent quarter, Richemont posted organic sales growth of 11 per cent, reaching revenues of approximately €6.4 billion. The most closely watched figure by analysts and investors was performance in Greater China — encompassing mainland China, Hong Kong and Macao — where sales increased for a second consecutive quarter after a prolonged period of weakness. In a global environment still shaped by consumer caution, this trend has been widely interpreted as an early sign of normalisation in China’s luxury market.

Jewellery once again proved to be the group’s cornerstone, delivering growth of 14 per cent and confirming the enduring appeal of high-perceived-value pieces in times of economic uncertainty. Brands like Cartier and Van Cleef & Arpels continue to gain from solid demand among local clients and regional travellers alike, particularly in major Asian capitals where boutique experience and personalisation continue to be decisive factors.

From a strategic standpoint, Richemont has struck a tone of measured confidence. Group leadership emphasised that current momentum should not be seen as a short-term rebound, but rather as a more structural evolution in Chinese consumer behaviour. Today’s luxury clients in China are purchasing more selectively, prioritising craftsmanship, heritage and timeless design over impulse-driven consumption — a shift that aligns naturally with the positioning of high jewellery, which is less exposed to short fashion cycles and promotional pressure.

Richemont’s performance stands in contrast to the challenges faced by other segments of the luxury industry, notably mid-range watchmaking and certain areas of aspirational fashion. Against this backdrop, the Swiss group’s results reinforce the idea that heritage-driven luxury — encompassing fine jewellery, haute horlogerie and artisanal excellence — can act as a store of value during periods of economic transition.

For the wider sector, the message is clear: China is unlikely to return to the explosive growth rates of the past decade, but its stabilisation offers greater visibility and enables major groups to plan investments, boutique openings and omnichannel strategies with increased precision. Looking ahead to 2026, Richemont positions itself as one of the players best equipped to interpret the new balance between exclusivity, experience and commercial discipline.

At a time when global luxury is redefining its priorities, Richemont’s results point towards a future in which Asia remains a central pillar — governed by more mature dynamics, higher expectations and a renewed alignment with the long-term values that have historically underpinned the world’s leading maisons.