Overview
- Group sales reached €10.62 billion for the half-year to Sept. 30, up 10% at constant exchange and ahead of the €10.4 billion analyst consensus.
- Profit for the period rose to €1.81 billion from €457 million, primarily reflecting the absence of last year’s roughly €1.2 billion non‑cash write‑down.
- Jewellery maisons led growth, up 14% at constant rates in H1 and 17% in Q2, with measured price increases to offset higher raw material costs, currency moves and initial U.S. duties.
- Specialist watchmakers declined 6% at reported rates in H1 but returned to 3% growth at constant exchange in Q2, as China, Hong Kong and Macau stabilized and turned positive in the quarter.
- The U.S. reduced duties on Swiss imports to 15% from 39% following Swiss government talks; Richemont put the first‑half tariff hit at about €50 million and had warned full‑year costs could reach €300 million without relief.