South African billionaire Johann Rupert’s Richemont lifts half year profit 39% to €2.5 billion

South African billionaire Johann Rupert’s luxury goods group Richemont has reported a 39% increase in half year profit to €2.53 billion, supported by sustained demand for jewellery and growth across its luxury brands.

The group, which owns Cartier, Van Cleef & Arpels and several high end watchmakers, recorded profit of €2.528 billion for the six months ended Sept 30, 2026, compared with €1.813 billion in the corresponding period last year.

Revenue increased 16% to €12.282 billion from €10.619 billion, while operating profit rose 33% to €3.129 billion, compared with €2.358 billion a year earlier. At constant exchange rates, sales grew 17%.

However, the operating profit figure included €229 million in positive one time tariff related items. Excluding this contribution, operating profit stood at approximately €2.9 billion, while the operating margin was 23.6%, compared with the reported 25.5%.

Richemont’s Jewellery Maisons remained the strongest contributor to growth. The division, which includes Cartier, Van Cleef & Arpels, Buccellati and Vhernier, recorded an 18% increase in sales at actual exchange rates and 19% at constant exchange rates.

The jewellery businesses generated an operating result of €3.2 billion, compared with €2.5 billion in the previous year. Their operating margin reached 35.3%, or 33.4% excluding positive one time items.

The Specialist Watchmakers division also recorded growth, with sales increasing 9% to €1.7 billion. At constant exchange rates, sales rose 10%, supported by brands including Vacheron Constantin, Jaeger LeCoultre and A. Lange & Söhne.

Richemont’s Other business area, which includes fashion and accessories brands, recorded a 9% increase in sales at both actual and constant exchange rates. However, the division reported an operating loss of €12 million.

Geographically, the group recorded double digit growth across most regions, led by Japan, the Americas and Asia Pacific. The Middle East and Africa was the exception, with the company reporting that growth was not broad based across all regions.

Cash flow from operating activities reached €2.5 billion, up from €1.854 billion a year earlier. Richemont ended September with a net cash position of €7.729 billion, compared with €6.519 billion at the end of the corresponding period last year.

Rupert, Richemont’s chairman, controls the group through Compagnie Financière Rupert. The holding company owned 10.18% of Richemont’s capital and controlled 50.60% of its voting rights as of March 31, 2026. Rupert is its general managing partner.

The results demonstrate the continued importance of Richemont’s jewellery businesses to its performance, as demand for established luxury brands supports growth despite elevated raw material costs and uneven conditions across some markets.