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Richemont UK, part of the luxury group controlled by South African businessman Johann Rupert, lifted sales to a record level in the latest financial year, helped by stronger demand for jewellery and watches sold through its retail and wholesale network.
Accounts filed for the year ended March 1, 2025 show revenue rose 5.3% to 277 million pounds ($350 million). Gross profit climbed to just under 124 million pounds from 113.6 million a year earlier, while operating profit almost tripled to 32 million pounds. Net profit jumped to 21.67 million pounds from 8.7 million.
The figures cover a swath of Richemont brands in the United Kingdom, but they exclude some of its biggest names. Cartier and Watchfinder and Co. report separately, meaning the numbers offer only a partial snapshot of the group’s presence in a key European luxury market.
Still, the improvement will be welcomed in Geneva, where Rupert has spent years nudging Richemont toward a model that relies less on third party wholesalers and more on controlled retail. The shift gives luxury groups tighter grip on pricing, inventory and customer data, but it can also expose them to sudden swings in tourist spending and local consumer confidence.
In Britain, the latest results suggest Richemont’s non Cartier operations managed to grow despite a choppy backdrop for discretionary spending. Luxury sales in the UK have been pressured by inflation, higher borrowing costs and changing tax rules for visitors, yet jewellery has often proved more resilient than mid market fashion.
Company filings did not break out performance by brand, and Richemont UK offered few details on what drove the rise. But the profit surge indicates that higher sales were paired with improved cost control or a richer mix of products.
Richemont is best known for maisons such as Van Cleef and Arpels, IWC and Jaeger LeCoultre, and it has been reshaping its portfolio as shoppers move between heritage brands, online platforms and pre owned watches. Rupert remains the central strategist, overseeing a business that straddles old world craftsmanship and modern retail logistics.
For investors, the UK results are a reminder that even in a slower luxury cycle, pockets of growth remain. For Rupert, they are another data point in the long bet that owning the customer relationship, not just the product, is where the margin is. He has pushed boutique expansion and digital upgrades to keep brands close to clients.
