Africa’s second-richest man, Johann Rupert’s luxury empire has delivered one of its strongest performances on record, but investors are increasingly focused on a question that could shape the future of the Swiss luxury giant: what happens if Chinese consumers stop choosing European luxury brands?
Richemont, the owner of Cartier, Van Cleef & Arpels, Piaget, Montblanc and several other high-end brands, reported revenue of €22.4 billion ($24.2 billion) for the year ended March 2026, up 11% at constant exchange rates.
The results surprised parts of the market, particularly as luxury groups continue to grapple with weaker consumer spending, geopolitical uncertainty, elevated gold prices and a prolonged slowdown in China.
Yet despite the record earnings, China remains the biggest variable hanging over Richemont’s future.
The China question
