Richemont: Jewellery Becomes Luxury’s Great Safe Haven

Richemont is one of the major winners in today’s luxury landscape because it is strongly positioned in one of the industry’s most resilient categories: high-end jewellery. Its jewellery Maisons — Cartier, Van Cleef & Arpels, Buccellati and Vhernier — reached €16.539 billion in sales in fiscal year 2026, compared with €15.328 billion the previous year. The division’s operating margin stood at 30.5%, a figure far above that of many fashion-led businesses.

Jewellery is proving more resilient than fashion for several reasons. First, it carries a stronger patrimonial perception. A Cartier or Van Cleef & Arpels piece is not seen merely as an accessory, but as a transferable object, a family gift, an emotional symbol and, in many cases, a store of value. Second, jewellery is less dependent on seasons. A handbag can age aesthetically very quickly; an iconic jewellery piece can remain desirable for decades. Third, jewellery is deeply connected to life milestones: weddings, anniversaries, births, celebrations, inheritances and major personal achievements.

Richemont also benefits from highly stable brand codes. Cartier can continue to build around Tank, Panthère, Love, Juste un Clou and Trinity. Van Cleef & Arpels can rely on Alhambra, high jewellery, exceptional gemstones and poetic craftsmanship. These Maisons do not need to reinvent their identity every season. This gives Richemont a considerable advantage in a market where fashion is under constant pressure to deliver novelty.

The group has also grown in a balanced way. In its annual results, Richemont highlighted growth at constant exchange rates across all business areas, regions and distribution channels, with double-digit growth in jewellery and in the Americas.

The consequence for the wider luxury industry is clear: more groups will seek to strengthen jewellery, watches, collectible pieces and long-life products. Kering is already moving in this direction, with strong growth in jewellery and eyewear, as it works to reduce its dependence on Gucci and on the fashion cycle.

The major opportunity for luxury brands lies in creating products with a true vocation for permanence. The 2026 luxury consumer is increasingly tired of ephemeral products, excessive logos and price increases without a compelling narrative. What this consumer is seeking is icons, exceptional materials, legitimacy, craftsmanship and future value.