Shoppers pass by Cartier stores in a high-end shopping district of a mine garden in Tokyo, Japan.
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Money fuel spending in Japan’s major luxury markets has finally eased, putting pressure on Cartier owners’ sales in Richmont.
Swiss Luxury Group’s Japanese sales fell 15% year-on-year at a constant exchange rate in the first quarter.
Nevertheless, revenues for Swiss luxury groups rose 6% to €54.1 billion ($62.8 billion) for the three months leading up to the end of June.
Stocks had risen 1.08% by 11:40am in London.
Japan’s sales decline follows a surge in revenues of 59% in the same period last year.
The Japanese yen began steadily depreciation last year after the Bank of Japan ended its negative interest rates and ended its yield curve management policy in March. In June of that year, Japan’s currency weakened to its 38-year low, surpassing the 161 mark against the dollar.
Richmont is also included in brands including Van Cleef & Arpels and Buccerati, and has benefited from its weaknesses throughout the last year, reporting sales growth of 20% to 25% in Japan over consecutive quarters.
It wasn’t alone. Other major luxury groups LVMH, Kering and Burberry are all focusing on the rise, led by Chinese shoppers who flock to East Asian countries, particularly.
However, the recent strengthening of the yen in the first half of 2025 was paid to these trends.
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“In Japan, sales fell 15% against a tough +59% comparison over the past period. The most notable yen strongly reduced the spending of tourists, particularly from Chinese customers, but local demand remained positive,” Richmont said in a statement accompanying the results on Wednesday.
Nevertheless, Richmont has become a rare outlier in the wider luxury recession as demand continues to shine among wealthy shoppers for luxury jewelry.
Sales in the group’s jewelry maison division were billed again in the latest report, up 11% at a constant exchange rate.
Meanwhile, revenue within the specialized Watchmakers division featuring Piaget and Roger Dubuis remained behind, falling 7% over that period.
The group said the weaknesses primarily reflect a decline in sales in China, Hong Kong, Macau and Japan, even if sales rise in the US.
