Richemont posts solid start to the year for its first quarter ended 30 June 2025

Core Viewpoint - Richemont reported a solid start to the fiscal year 2025, with group sales increasing by 6% at constant exchange rates, driven by strong performance in Europe, the Americas, and the Middle East & Africa, despite challenges in Japan and the Asia Pacific region [2][4][5]. Summary by Region - Europe: Sales increased by 11% to €1,295 million, supported by robust local demand and positive tourist spending, particularly in Italy and Germany [3][5]. - Asia Pacific: Sales decreased by 4% to €1,731 million, with a notable 7% decline in China, Hong Kong, and Macau, offset by growth in other Asian markets [3][5]. - Americas: Sales rose by 17% to €1,335 million, driven by strong local demand across all business areas [3][5]. - Japan: Sales fell by 15% to €527 million, impacted by a high comparative from the previous year and reduced tourist spending [3][5]. - Middle East & Africa: Sales increased by 17% to €524 million, led by the UAE market and higher tourist spending [3][5]. Summary by Distribution Channel - Retail: Sales grew by 6% to €3,734 million, accounting for 69% of group sales, with growth across all regions except Japan [3][6]. - Online Retail: Sales increased by 6% to €323 million, reflecting robust growth across almost all regions [3][7]. - Wholesale and Royalty Income: Grew by 6% to €1,355 million, driven by solid group sales performance [3][6]. Summary by Business Area - Jewellery Maisons: Sales rose by 11% to €3,914 million, marking a third consecutive quarter of double-digit growth [3][8]. - Specialist Watchmakers: Sales decreased by 7% to €824 million, primarily due to declines in China, Hong Kong, and Macau [3][8]. - Other (Fashion & Accessories): Sales declined by 1% to €674 million, with notable performances from brands like Peter Millar and Alaïa [3][8]. Financial Position - The group maintained a strong net cash position of €7.4 billion as of 30 June 2025, slightly up from €7.3 billion in the previous year, after accounting for a cash-out related to the sale of YNAP [6][9].