Richemont reported a strong set of results for the first quarter of its 2027 financial year, with sales up double digits. The continued strength of its jewellery business, together with improving demand for watches and growth across every major market, has given the luxury group a strong start.The Switzerland-based group, controlled by the Rupert family, said sales for the three months to the end of June rose 20% at constant exchange rates to €6.3bn.Jewellery remained the standout performer. Sales at the group’s Jewellery Maisons, which include Cartier and Van Cleef & Arpels, climbed 24%, reinforcing the division’s position as the biggest driver of Richemont’s growth.The result builds on last year’s performance, when Richemont reported record annual sales on the back of strong demand for its jewellery brands, even as its watch business came under pressure.The Specialist Watchmakers division also returned with a stronger performance. Sales increased 8% during the quarter, an improvement from the previous financial year when the division recorded a 4% decline before recovering in the second half.The latest figures suggest the recovery in the watch business is continuing alongside sustained demand for the group’s jewellery brands.Growth was broad-based across the business. According to the results, every region reported higher sales, with the Americas, Asia Pacific, Japan and Europe all posting double-digit increases. The Middle East and Africa also returned to growth after a weaker performance previously.Richemont also recorded growth across all sales channels, led by its retail business, where sales increased 24%, while online retail and wholesale also advanced.The group said it continues to invest in its luxury brands despite an uncertain global economic and geopolitical environment and rising raw material costs. It ended the quarter with a net cash position of €9.1bn, strengthened by cash generated from operations and proceeds from the disposal of its stake in Avolta.Business Day