Chinese Market ChallengesThe group's Chinese clientele has been suffering from a strong negative wealth effect linked to the real estate market problem that should take years to work through.
Financial PerformanceProfitability in H1 was weaker than expected at €2.2bn reflecting a lower-than-expected gross margin and greater opex deleverage for all divisions due to lower sales for Specialist Watchmakers, adverse FX margin impact, continued investment and one-off changes.
Sales DeclineRichemont recorded 1% sales decline at constant rates in 2Q25 with Specialist Watchmakers coming in worse than feared, down 19% at constant rates.