ion) for the three months ended June 30, up 20 per cent year over year at constant exchange rates. Jewellery was Richemont’s biggest source of growth, with sales rising 24 per cent in the past quarter, while sales at its watch division rose 8 per cent. Neil Saunders, managing director at GlobalData, said, “the glittering results” from Richemont were “really driven by its jewelry business,” which has seen stronger customer demand across multiple price points. He added that affluent consumers increasingly view jewellery as both an investment and an indulgence, while shoppers at more accessible price points are responding to designs that inspire and appeal. What is Richemont getting right about retail? Meanwhile, Marie Driscoll, a chartered financial analyst and professor at Parsons, The New School, and the Fashion Institute of Technology, said Richemont’s Q1 2027 results show the luxury brands that continue to outperform are those that combine stored value with emotional meaning, especially in jewellery and watches. “This category keeps resonating because it feels personal, meaningful, and resilient,” said Driscoll. She said part of Richemont’s rising jewellery sales reflects shifting shopping patterns, such as more women buying gifts for themselves and more men wearing fine jewellery pieces like brooches, alongside the more standard watch. Driscoll pointed to Richemont’s own presentation, which said “newness fueling desirability of iconic products” would remain central to its strategy. She said the approach reflects what sophisticated luxury shoppers increasingly demand: innovation balanced with heritage, and quality paired with long-term value. “In a market where consumers increasingly buy to mark significant moments, from milestones to gifts, the category’s emotional resonance and enduring value remain a powerful formula,” she concluded. Finally, Barney Stacher, CEO of consultancy Stacher & Stacher, believes Richemont’s greatest strength has been protecting the “qualities that make luxury desirable in the first place.” He said brands such as Cartier and Van Cleef & Arpels have maintained strong cultural identities and emotional appeal at a time when some competitors have become overly reliant on price increases and prominent logos. Consumers continue to see Richemont’s strongest maisons as offering both personal expression and long-term value. In addition, Stacher argues that Richemont’s results also demonstrate the importance of controlling the customer relationship. The corporation’s directly operated retail sales rose 24 per cent and represented 71 per cent of total group sales, while online retail increased 18 per cent over the past quarter. This direct retail model gives the company greater control over pricing, presentation, clienteling, service, and the complete brand experience. It also provides more detailed customer information and allows each maison to build relationships that extend far beyond a single transaction. To maintain this momentum, Stacher warned that Richemont must resist the temptation to chase volume simply because demand is there. “Luxury growth becomes dangerous when wider distribution, excessive product introductions, or aggressive price increases dilute exclusivity. The company should continue investing in more product creativity, better craftsmanship, high-touch clienteling, and exceptional in-store experiences while remaining very disciplined about availability. It must also continue cultivating both established high-net-worth clientele and the next generation of luxury consumers.” Rather than discounting entry-level products, a common strategy among luxury houses, this means creating on-brand, accessible points of discovery through digital storytelling, hospitality, cultural relevance, and personalised hospitality (not just service), while preserving the aspiration of ownership. “Richemont’s performance is not evidence that the entire luxury market has fully recovered. It’s evidence that consumers will continue spending when a brand offers genuine distinction, emotional meaning, and an experience that reinforces the price. Richemont is succeeding because it has managed to preserve those fundamentals while modernising how it reaches and serves its customers,” said Stacher. Further reading: Seven quarters in, Richemont’s jewellery engine is luxury’s most reliable trade