Richemont: Jewelry Strength Continues, Margin Optionality Adds Support

FY26 sales reached €22.4 billion, with Jewelry Maisons growing 14% and accelerating to +16% in Q4, supported by Cartier and Van Cleef demand, strong client engagement, and continued investment. Potential support from disposals, lower one-offs, and improving Specialist Watchmakers trends may drive earnings expansion into FY27. With Richemont's balance sheet strength and strategic flexibility, we remain buyers.