Richemont’s fiscal year ended 31 March 2025 with sales of €21.399 billion, up 4% at both actual and constant exchange rates. Jewellery Maisons led growth, but operating profit fell 7% and the group’s reported full-year profit was reduced by a €1.012 billion loss from discontinued operations, primarily related to the YNAP write-down.
What Richemont reported for the year ended 31 March 2025
Richemont announced its FY2025 results on 16 May 2025. The audited annual figures show that sales increased while operating profitability weakened. Richemont described the performance as “robust”; that is the company’s characterization, not an independent assessment. Richemont’s FY2025 announcement gives the full results and explanations.
| Measure | FY2025 result | Change or comparison |
|---|---|---|
| Sales | €21.399 billion | Up 4% at actual and constant exchange rates |
| Gross profit | €14.319 billion | Up 2% |
| Gross margin | 66.9% | Down from 68.1% |
| Operating profit | €4.467 billion | Down 7% |
| Operating margin | 20.9% | Down from 23.3%, a decline of 240 basis points |
| Profit from continuing operations | €3.762 billion | Down 1% |
| Reported profit for the year | €2.750 billion | Includes the discontinued-operations loss described below |
| Operating cash flow | €4.443 billion | FY2025 |
| Net cash | €8.257 billion | At year-end |
The difference between sales growth and operating-profit decline matters: higher revenue did not produce higher operating profit, and both gross and operating margins were lower than in FY2024. Exchange-rate basis also matters when reading the growth figure: Richemont said sales were up 4% both at actual rates and at constant rates.
Which businesses drove growth?
Richemont groups its activities into Jewellery Maisons, Specialist Watchmakers, and Other, which is primarily Fashion & Accessories Maisons. Their sales performance diverged considerably. The FY2025 announcement reports the business-area results.
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| Business area | FY2025 sales performance | Operating margin |
|---|---|---|
| Jewellery Maisons | €15.3 billion; up 8% | 31.9% |
| Specialist Watchmakers | Down 13% | 5.3% |
| Other | Up 7% | Not stated in the cited FY2025 announcement |
Jewellery Maisons were the clearest growth engine: their 8% sales increase came alongside the group’s strongest stated segment margin. The 13% sales decline and 5.3% margin at Specialist Watchmakers show why the group-wide increase in sales did not translate into operating-profit growth. Other also expanded, by 7%, but the cited figures do not establish its operating margin here.
In the chairman’s commentary, Johann Rupert said: “Group sales increased by 4% at actual and constant exchange rates to € 21.4 billion, led by high single-digit growth at the Jewellery Maisons over the year.”
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How did performance vary by region?
At actual exchange rates, sales increased in four of the five reported regions and contracted in Asia Pacific. Richemont attributed the Asia Pacific decline principally to weakness in China, Hong Kong, and Macau combined; regional results alone do not establish that geography caused the business-area trends.
| Region | FY2025 sales change at actual exchange rates |
|---|---|
| Europe | +10% |
| Americas | +16% |
| Japan | +25% |
| Middle East & Africa | +15% |
| Asia Pacific | −13% |
The pattern was not uniform: Japan posted the largest increase listed, while Asia Pacific was the only region to decline. Richemont also said FY2025 sales accelerated in the second half, rising 10% in the third quarter and 8% in the fourth quarter at actual exchange rates. Direct-to-client sales accounted for 76% of group sales.
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Why reported profit was lower than continuing-operations profit
Richemont reported €3.762 billion in profit from continuing operations, but total reported profit for the year was €2.750 billion. The reconciliation is a €1.012 billion loss from discontinued operations. The company said that loss primarily reflected a €954 million write-down of YNAP net assets held for sale. The sale of YNAP to Mytheresa completed on 23 April 2025, after Richemont’s fiscal year had ended. Richemont’s announcement also stated that it held a 33% stake in newly created LuxExperience after the transaction; that is a transaction-date statement, not confirmation of its current ownership.
For readers assessing the year’s underlying operating performance, operating profit and continuing-operations profit are distinct from total profit after discontinued operations. The YNAP-related loss explains much of the gap between the two profit measures, but it does not erase the separate 7% decline in operating profit.
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How FY2025 compares with later results
FY2025 is a historical full-year result, not the latest trading update. Richemont’s subsequent FY2026 annual announcement reported sales of €22.420 billion, up 5% at actual exchange rates and 11% at constant rates. Total profit rose to €3.484 billion, but Richemont said that increase partly reflected the non-recurrence of the €1.0 billion YNAP write-down in discontinued operations in the previous year. The FY2026 announcement provides those later annual figures.
The latest official quarterly sales update available as of 8 October 2026 covered the three months ended 30 June 2026, the first quarter of FY2027. Sales were €6.329 billion, up 17% at actual rates and 20% at constant rates. Jewellery Maisons rose 21% actual and 24% constant; Specialist Watchmakers rose 6% and 8%; Other rose 7% and 9%. Richemont said all regions grew at constant rates in that quarter. These quarterly growth rates should not be treated as directly comparable to a full fiscal year. Richemont’s 15 July 2026 trading update scheduled FY2027 interim results for 13 November 2026.
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Where to find the audited statements
Richemont is Compagnie Financière Richemont SA. Its FY2025 Annual Report and Accounts, published on 16 May 2025, contains the chairman’s review, annual consolidated and statutory financial statements, and corresponding audit reports. The company describes its principal business areas as Jewellery Maisons, Specialist Watchmakers, and Other, primarily Fashion & Accessories Maisons. The annual-report publication notice links readers to the company’s investor document.
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