Richemont, owner of Cartier, reports a 7% sales increase driven by jewelry sales

From Yahoo Finance: 2025-05-16 01:42:00

Richemont, owner of Cartier, reports a 7% rise in quarterly sales with a boost from jewelry sales offsetting a decline in watches. Total sales reached 5.17 billion euros, beating expectations. Shares rose 5%. The luxury group is viewed as more resilient than competitors due to its focus on jewelry.

Despite hopes for a rebound in the luxury sector, signs of a weakening U.S. economy and tariff uncertainty have emerged. Richemont shares have increased by 18% this year, outperforming LVMH and Gucci-owner Kering. Richemont executives are closely monitoring U.S. tariffs and considering options to mitigate impacts.

Richemont has raised prices for Cartier due to exchange rate movements. U.S. tariffs on European fashion and Swiss-produced watches could impact the luxury industry. Peer Hermes is passing tariffs on to U.S. customers. Consultancy Bain predicts a 2% to 5% drop in luxury goods sales, reflecting fears of a global recession.

Read more: Cartier owner Richemont beats expectations as jewellery shines