Switzerland-based luxury goods holding company Richemont has reported group sales of €21.4 billion (~$23.97 billion) in 2025 ended March 31, reflecting up 4 per cent year-over-year (YoY) on both actual and constant exchange rates.
Operating profit decreased by 7 per cent to €4.5 billion and operating margin reduced 240 basis points (bps) to 20.9 per cent. Meanwhile, the gross margin declined by 120 bps to 66.9 per cent.
The profit from continuing operations was marginally lower at €3.76 billion, down 1 per cent YoY, while losses from discontinued operations improved to €1.01 billion primarily due to a non-cash write-down of Yoox Net-A-Porter (YNAP)—an improvement from the €1.3 billion loss reported in the first half of 2025.
Overall, the group recorded a profit of €2.75 billion (~$3.08 billion) for the year, up from €2.36 billion the previous year. Diluted earnings per ‘A’ share / 10 ‘B’ shares stood at €4.671, an increase from €4.077 in 2024, Richemont said in a press release.
Retail sales, representing 70 per cent of total group, grew by 6 per cent YoY at actual exchange rates across all regions except Asia Pacific. Meanwhile, online retail sales, which exclude sales made by YNAP, grew by 12 per cent.
In total, direct-to-client sales accounted for 76 per cent of total group sales. Wholesale sales, representing 24 per cent of the total, were 3 per cent lower than the prior year with the decline in Asia Pacific being partly mitigated by growth in other regions.
For the full year, most regions achieved double-digit growth at both actual and constant exchange rates, more than offsetting the decline in Asia Pacific, particularly in China. Europe grew by 10 per cent, the Americas by 16 per cent, Japan by 25 per cent, and the Middle East & Africa by 15 per cent.
Segment-wise, Alaia recorded another year of strong growth, and Peter Millar maintained its solid momentum. Overall, ready-to-wear sales rose by double-digits across the Maisons, with notably an encouraging performance from Chloe. The operating result was a €102 million loss for the year, resulting in a margin of -3.7 per cent. Within this, fashion and accessories Maisons posted a -2 per cent operating margin when excluding targeted inventory provisioning.
Following a resilient first half in 2025, Richemont’s sales momentum strengthened in the second half of the year, with a 10 per cent increase in Q3 and an 8 per cent rise in Q4 at actual exchange rates.
Upon closing the transaction, Richemont sold YNAP to Mytheresa, which held a cash position of €555 million and no financial debt. In return, Richemont received shares representing 33 per cent of the fully diluted share capital of the newly combined entity, LuxExperience from May 1, 2025. As part of the agreement, Richemont also extended a €100 million revolving credit facility to support YNAP’s corporate requirements.
“We continued to invest in future growth by further strengthening our distribution network, enhancing our manufacturing capacity, and contributing to the nurturing and preservation of unique artisan skills,” said Johann Rupert, chairman of Richemont. “We also delivered on several strategic fronts, successfully completing the acquisition of Vhernier, and enabling Gianvito Rossi to further expand its brand globally, after having joined the Group last year. We are also pleased to have found a good home for YNAP, whose strengths Mytheresa will harness to create a new global leader in digital luxury.”
“With a renewed leadership team and governance structure, the completion of seamless management transitions across several Maisons, and our teams of talented professionals committed to creativity and innovation, we are well-positioned to guide Richemont through its next phase of development,” added Rupert. “As I have said before, ongoing global uncertainties will continue to require strong agility and discipline.”
