Richemont FY25 gross sales rise to €21.4bn
Richemont has reported a 4% enhance in FY25 group gross sales to €21.4bn (£18.0bn) led by excessive single-digit enhance in its jewelry maisons over the yr.
Nevertheless, the group’s working revenue got here in at €4.5bn (£3.79bn), down by 7% at precise charges, or by 4% at fixed change charges.
Revenue for the yr from persevering with operations additionally reached €3.8bn (£3.20bn), down by 1%.
In the meantime, the general revenue for the yr amounted to €2.8bn (£2.36bn), up 17%, after making an allowance for a €1.0bn (£850m) loss for the yr from discontinued operations, primarily reflecting the write-down of the carrying worth of Yoox Web-A-Porter (‘YNAP’) property within the context of the sale to Mytheresa.
After a resilient first half, gross sales efficiency accelerated within the second a part of the yr, with a ten% rise within the third quarter adopted by +8% within the fourth quarter at precise change charges.
Over the yr, most areas grew at double digits at each precise and fixed change charges, greater than offsetting the decline in Asia Pacific, led by China, illustrating the worth of Richemont’s balanced regional footprint.
Notable progress charges included Europe at +10% to €4.8bn (£4.05bn) , the Americas at +16% €5.2bn (£4.28bn), Japan at +25% €2.18bn (£1.84bn) and Center East and Africa at +15% to €1.9bn (£1.60bn) (at precise change charges.
Direct to shopper gross sales rose additional pushed by each retail and on-line, total representing 76% of group gross sales.
Richemont’s jewelry maisons Buccellati, Cartier, Van Cleef and Arpels and Vhernier since October, noticed their gross sales attain €15.3bn (£12.9bn), rising by 8% at precise and fixed change charges.
The group acknowledged that the gross sales enhance, mixed with disciplined working prices and focused worth will increase, helped mitigate the impression of upper uncooked supplies prices, notably gold, on its profitability.
Moreover, jewelry maisons delivered a €4.9bn (£4.1bn) working consequence, up 4% versus the prior yr, akin to a stable margin at near 32%.
Through the yr, the corporate additionally welcomed Italian jewelry Maison Vhernier as a part of Richemont’s Jewelry portfolio.
Johann Rupert, Richemont chairman, stated: “Fiscal yr 2025 was a yr of progress underscoring the Group’s strategic focus amidst a posh, fast-evolving world panorama. While our Specialist Watchmakers’ efficiency largely mirrored weak spot of their largest area, the Group’s efficiency was strong total, pushed by outstanding progress at our Jewelry Maisons and retail, and improved momentum at our ‘Different’ actions.”
Rupert added: “As I’ve stated earlier than, ongoing world uncertainties will proceed to require robust agility and self-discipline. Richemont has stable foundations for sustained worth creation over time, constructed upon our main Maisons’ distinctive heritage and progressive craftsmanship, coupled with an more and more balanced and tailor-made regional presence that permits us to higher join with and enchant purchasers.
“Our long-term perspective, underpinned by a wholesome steadiness sheet, constitutes a confirmed system that has delivered seven-fold gross sales progress over the previous 25 years, and stays central to our technique.”
