EarningsRichemont recorded better-than-expected +10% sales growth at constant rates in 3Q25, accelerating from -1% in 2Q25 and comfortably ahead of +1% consensus.
Market PositionCFR remains the leader in luxury branded jewelry with Cartier and Van Cleef, and the company can maintain its outperformance through product newness and its agile supply.
Portfolio StrengthThe shares trade at a premium justified by improving fundamentals, including a portfolio mix more skewed to jewelry and DTC, a more balanced geographical mix and the upcoming disposal of YNAP.