Johann Rupert’s Richemont sees sales reach $24 billion

Key Points

• Richemont’s annual sales rose to $24 billion, driven by strong jewelry demand and growth in the U.S., Europe, Japan, and the Middle East.
• Jewelry sales surged 8% to $17.13 billion, powering a 17% profit rise despite slower watch sales and weak performance in China.
• Direct-to-consumer revenue hit 84% as retail climbed 6%, but total assets fell 4% amid mixed regional and segment performance.

Richemont, the Swiss luxury group controlled by South African billionaire Johann Rupert, reported annual sales of $24 billion for the year ended March 31, 2025. This was driven by a steady demand for high-end jewelry and solid growth in key markets such as the U.S., Europe, Japan, and the Middle East, helping offset weaker results in China and slower watch sales.

Jewelry remained the cornerstone of the business. Sales from four main jewelry brands—Cartier, Van Cleef & Arpels, Buccellati, and the recently acquired Vhernier—rose by 8 percent to €15.3 billion ($17.13 billion), making up nearly three-quarters of total revenue. This strong showing helped Richemont post a 3.8 percent rise in overall group sales, which reached €21.4 billion ($23.97 billion), and pushed annual profit up 17 percent to €2.75 billion ($3.08 billion).

Retail drives 70% of Richemont revenue

Regional results, however, were uneven. Sales in the Asia Pacific region slipped as China continued to struggle. In contrast, Japan recorded a 25 percent jump thanks to strong domestic spending and tourism. The Americas rose 16 percent, Europe added 10 percent, and the Middle East and Africa were up 15 percent—showing resilience across most of Richemont’s international markets.

Retail made up more than 70 percent of Richemont’s revenue, growing by 6 percent over the year. Online sales also picked up, rising 11 percent and now accounting for 6 percent of total revenue. By contrast, wholesale and royalty income dipped 3 percent. Direct-to-consumer sales remained dominant, representing 84 percent of revenue at the Jewellery Maisons.

Despite a 7 percent drop in operating profit to €4.5 billion ($4.91 billion), Richemont maintained strong margins in its jewelry division, which continued to deliver nearly 32 percent. The company’s cash position remained healthy, with net cash rising to €8.3 billion ($9.06 billion). Richemont also completed the sale of YOOX NET-A-PORTER in April, exchanging it for a 33 percent stake in newly listed fashion platform LuxExperience.

Richemont assets down, Rupert still tops

For Johann Rupert, the year’s results further reinforced his standing in the luxury world. With a net worth of $16.1 billion, he remains South Africa’s richest person. His stake in Richemont—amounting to 10.18 percent of the company’s capital and 51 percent of voting rights—is now worth around $11.7 billion, according to the Bloomberg Billionaires Index.

Still, not all numbers moved in the right direction. Richemont’s total assets declined by nearly 4 percent to €41.01 billion ($45.9 billion), and retained earnings dropped 6.8 percent to €14.78 billion ($16.55 billion), suggesting some financial pressure behind the scenes. Even so, Richemont’s ability to grow in core markets and double down on its best-performing brands shows a company adjusting to global uncertainty without losing its footing.