Richemont, the luxury group behind Cartier and Van Cleef & Arpels, has delivered another quarter of double-digit growth — a timely reminder that jewellery remains one of the most resilient categories in global luxury. While consumer confidence continues to wobble in many discretionary segments, hard luxury keeps proving it can hold demand, defend pricing, and outperform when buyers become more selective.
For Canadian jewellers, this isn’t just a global earnings story. It’s a practical blueprint for how “confidence categories” behave during uncertain cycles — and how retailers can merchandise, price, and communicate to protect margins while keeping clients engaged.
The headline numbers: growth led by jewellery, not hype
In the three months ended December 31, 2025 (Richemont’s fiscal third quarter), the group reported sales of €6.399 billion, representing 11 per cent growth at constant exchange rates. Jewellery Maisons — anchored by Cartier and Van Cleef & Arpels — grew 14 per cent at constant exchange rates to €4.785 billion.
In plain terms: when shoppers are cautious, they’re still willing to commit to jewellery that feels iconic, enduring, and emotionally meaningful — especially when the product story is clear and the brand (or retailer) makes the purchase feel safe.
Why does jewellery keep “winning” when the market feels uneven
Jewellery has a built-in advantage in periods of uncertainty because it sits at the intersection of emotion and value. Clients justify jewellery purchases differently than fashion or purely seasonal luxury:
- It marks milestones (engagements, anniversaries, life achievements)
- It holds perceived long-term value better than many discretionary items
- It feels timeless rather than trend-dependent
- It can be worn daily, which strengthens the value narrative
That mix creates resilience. And when it’s paired with strong design language, recognizable “icons,” and consistent marketing, demand stays steadier than many categories expect.
The real story is regional: resilience wasn’t confined to one market
A key insight from Richemont’s performance is that growth wasn’t limited to a single geography. At constant exchange rates, the group posted gains across all regions, with the strongest momentum in markets that continue to reward premium positioning and high trust retail execution.
For Canadian jewellers, this reinforces a broader reality: even when headlines feel mixed, the buyer behaviour that drives jewellery is often tied more to occasion, confidence, and product storytelling than to day-to-day news cycles.
Channel performance: the “controlled experience” advantage
Richemont’s results also underline something independents already know intuitively: the more controlled the shopping experience, the better jewellery performs.
Retail (direct-to-consumer) represented the majority of Richemont’s sales and rose at a faster pace than other channels. Wholesale also grew, signalling that demand wasn’t solely being propped up by one route to market. Online retail increased more modestly — still important, but not the core growth engine for high-touch jewellery purchase behaviour.
The business lesson is straightforward: jewellery sells best when the experience is confident, guided, and trust-led — whether that’s a Cartier boutique or a well-run independent store in Canada with a strong consultation culture.
What this means
Richemont’s quarter highlights five practical tactics that are especially relevant to Canadian retail right now — particularly in a high-cost environment where gold pricing, diamond category shifts, and consumer selectivity are reshaping merchandising decisions.
1) Build your “icon shelf,” then rotate newness to create urgency
Luxury jewellery houses don’t rely on endless variety. They win with a tight set of recognizable winners, then add newness that feels timely and collectible.
Canadian retail application:
- Identify your top 20–40 repeatable sellers (core chains, signature diamond looks, best-selling bridal silhouettes, staple earrings)
- Keep them visible and in stock
- Add controlled newness monthly: limited drops, seasonal edits, or “new in” storytelling that gives clients a reason to buy now
This combination preserves trust (clients see consistency) and creates momentum (clients see freshness).
2) Create an accessible ladder without undermining premium positioning
One of the quiet realities of resilient jewellery demand is that clients still want the “yes” — they may simply want a smarter path to it. That often shows up in product that feels premium but is positioned at a more approachable entry point.
Canadian retail application:
- Offer clear entry steps (e.g., essential gold, everyday diamond pieces, stacking rings, lighter-weight chains with strong design presence)
- Create trade-up pathways (bigger centre stones, higher gold weight, branded design language, upgraded setting details)
- Train teams to sell “value” without discounting: longevity, wear frequency, maintenance, repairability, and timeless style
3) Margin protection is now a merchandising skill, not only a pricing decision
With material costs elevated, margin defence is less about simply raising prices and more about intelligently building assortments that keep sell-through strong.
Canadian retail application:
- Focus on high-velocity SKUs and reduce speculative breadth
- Use design-forward pieces that “wear” bigger without requiring heavy metal weight
- Refresh best-sellers with small variations (textures, mixed finishes, setting upgrades) instead of constantly introducing entirely new lines
- Tighten replenishment cycles so your cash is sitting in winners — not slow movers
4) Don’t treat jewellery resilience as a statistic; treat it as a sales narrative
“Resilient” becomes meaningful when clients can feel why it’s true. Independent jewellers are uniquely positioned to communicate what luxury brands imply: jewellery is a confident purchase when it’s chosen well.
Canadian retail application:
- Position key categories as “forever pieces” or “daily legacy”
- Create a simple language for value retention: quality build, secure settings, service support, repair and resizing, warranty clarity
- Reinforce trust with visible store policies and care guidance
5) When clients are selective, clarity sells
In uncertain cycles, clients don’t want more options — they want clearer choices.
Canadian retail application:
- Simplify displays: fewer pieces, stronger stories
- Use “shop by reason” merchandising: anniversary gifts, upgrade moments, self-purchase milestones, bridal essentials, everyday gold
- Equip staff to guide decisively: “If you want X look at Y budget, here are your best two options.”
The bigger signal behind Richemont’s growth
Richemont’s double-digit quarter reinforces a central 2026 reality: jewellery is outperforming because it’s one of the last discretionary categories that can be sold as both emotion and value.
That creates a major opportunity for Canadian jewellers willing to tighten their assortments, sharpen storytelling, and treat trust as a measurable retail asset.
If global luxury leaders are leaning harder into jewellery because it’s durable, the takeaway for Canada is clear: the stores that win won’t simply carry more product — they’ll carry the right product, explain it better, and build buying confidence faster.
FAQ
Why is Richemont growing while other luxury segments slow down?
Jewellery remains a high-confidence purchase driven by milestones, perceived value retention, and timeless wearability.
What does Richemont’s performance signal for Canadian jewellers?
That clients still buy jewellery when assortments are clear, value is explained well, and the experience feels trust-led.
What’s the most practical takeaway for inventory planning?
Build a tight “icons” core, keep best-sellers in stock, and rotate controlled newness to maintain urgency without overbuying.
