South Africa’s richest man, Johann Rupert’s Richemont, reports $16.7 billion in nine-month sales

Key Points

• Richemont, led by billionaire Johann Rupert, posted a 3% rise in nine-month sales, with a record-breaking $6.32 billion in Q3 2024.
• Richemont's $16.7 billion 9M sales were driven by regional growth, led by Japan's 25% surge, offsetting a 15% decline in Asia Pacific. Q3 sales hit a record $6.33 billion.
• The company’s net cash position surged to €7.9 billion ($8.1 billion) from €6.8 billion ($7 billion).

Richemont, the Swiss luxury goods giant led by South Africa’s richest man Johann Rupert, has reported nine-month sales of $16.7 billion for its fiscal year 2025, marking a 3 percent increase from the same period in 2023.

The results, which include a record-breaking quarterly revenue of €6.15 billion ($6.33 billion), highlight the company’s ability to navigate a strengthening dollar and a challenging macroeconomic and geopolitical environment.

Richemont's resilience amid mixed regional results

Over the nine-month period ending Dec. 31, 2024, the conglomerate achieved 4 percent sales growth at constant exchange rates and 3 percent at actual rates, solidifying its position as a dominant player in the global luxury market.

Richemont’s resilience was particularly evident in its regional performance, with growth across all markets except the Asia Pacific, which saw a 15 percent contraction to €5.36 billion ($5.52 billion).

Declines in China, Hong Kong, and Macau, driven by low consumer confidence and challenging year-on-year comparisons, weighed on the region’s results.

Japan emerged as the standout market, delivering a 25 percent surge in sales, buoyed by strong domestic demand and a rebound in tourism.

The Americas and Middle East & Africa regions posted robust 15 percent growth each, reflecting widespread market strength. Europe, despite tough prior-year comparisons, achieved a 9 percent sales increase, supported by steady domestic spending.

Retail channels fuel Richemont revenue

Retail channels, which now account for over 70 percent of Richemont’s total revenue, remained a key driver of growth.

The company’s Jewellery Maisons and Specialist Watchmakers segments, which form the backbone of its retail operations, contributed €11.59 billion ($11.92 billion) in sales.

However, wholesale and royalty income fell by 3 percent, a modest dip that underscores shifting consumer preferences toward direct-to-consumer sales.

Richemont’s financial health also strengthened, with its net cash position reaching €7.9 billion ($8.13 billion), excluding the €200 million ($205.77 million) held by Yoox Net-A-Porter (YNAP), which is classified as an asset held for sale.

Rupert's Richemont stake reaches $9.34 billion

Under Johann Rupert’s leadership, Richemont continues to thrive. With a net worth of $13.6 billion, Rupert retains his title as South Africa’s wealthiest individual.

His stake in Richemont, comprising 10.18 percent of the company’s capital and 51 percent of voting rights, is now valued at $9.34 billion, according to the Bloomberg Billionaires Index.

The company’s stellar nine-month performance reflects its resilience and strategic agility, further cementing its status as a global luxury powerhouse amid persistent global challenges.