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South African billionaire Johann Rupert’s Richemont posts $6.3 billion in Q1 sales

Richemont’s Q1 sales hit $6.3 billion, fueled by strong jewelry demand in Europe, the Americas, and the Middle East, offsetting weaker watch sales and flat Asia trends.

South African billionaire Johann Rupert’s Richemont posts $6.3 billion in Q1 sales
Johann Rupert, South African billionaire and chairman of Richemont

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Key Points

  • Richemont’s jewelry sales surged 11 percent, reaching $4.55 billion, driven by robust demand across major markets despite weaker watch performance in China and Japan.
  • The Americas led regional growth wit h a 17 percent sales increase, while Europe gained 11 percent. Asia Pacific was flat, and Japan declined 15 percent amid currency pressures.
  • Retail contributed 69 percent of revenue, climbing 6 percent. Online sales matched retail growth, underscoring Richemont’s strength in direct-to-consumer channels.

Richemont, the Swiss luxury group controlled by South African billionaire Johann Rupert, reported first-quarter sales of $6.3 billion for the three months ended June 30, 2025. The performance was driven by resilient demand for high-end jewelry across Europe, the Americas, and the Middle East, helping offset softer trends in Asia and a decline in watch sales.

During the opening quarter of its fiscal year, the conglomerate posted a 6 percent increase in sales at constant exchange rates and a 2.73 percent rise at actual rates, growing from €5.27 billion ($6.12 billion) to €5.41 billion ($6.29 billion). The results underscore Richemont’s continued strength as a leading force in the global luxury market.

Retail drives nearly 70% of Richemont revenue

Jewelry remained Richemont’s core business, with sales from Cartier, Van Cleef & Arpels, Buccellati, and Vhernier rising 11 percent to €3.91 billion ($4.55 billion). Specialist Watchmakers fell 7 percent as demand softened in China, Hong Kong, and Japan.

Regional trends varied. The Americas jumped 17 percent on strong spending, Europe gained 11 percent with solid local and tourist demand, and the Middle East and Africa rose 17 percent, led by the UAE. Asia Pacific was flat overall, as a 7 percent drop in Greater China was balanced by growth elsewhere. Japan declined 15 percent amid a strong yen and tough comparisons.

Retail accounted for 69 percent of revenue, growing 6 percent. Online sales matched that pace, while wholesale and royalty income also increased 6 percent despite mixed market conditions.

Cash reserves stay robust after YNAP sale

The company’s net cash position remained strong at €7.4 billion ($8.6 billion), even after transferring €426 million ($495.19 million) in cash to YOOX NET-A-PORTER upon completing its sale to Mytheresa in April. The divestment is part of Richemont’s broader effort to simplify its structure and focus on core luxury brands.

Although the watch division continued to face headwinds, the jewelry business extended its streak of double-digit growth, underlining Richemont’s resilience in a volatile macroeconomic and geopolitical environment. The company also highlighted positive momentum at brands such as Peter Millar, Alaïa, and Chloé within its Fashion & Accessories unit, which overall declined by 1 percent in the quarter.

Rupert’s fortune steady as Richemont adapts

For Johann Rupert, who owns 10.18 percent of Richemont but controls 51 percent of the company’s voting rights, has long pushed for Richemont to sharpen its focus on heritage brands known for craftsmanship and timeless design. 

The results affirm the group’s ability to navigate market swings while reinforcing its leadership in high-end jewelry. His net worth remains above $16 billion, making him South Africa’s richest individual. Even as parts of the portfolio face challenges—especially in watches and in China—Richemont’s sustained growth in core categories and markets underscores a strategy built around jewelry leadership and selective brand investment.

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