International News
Solid growth in Richemont’s jewellery sales
Richemont’s distribution channels, retail sales rose 6% CCY (3% reported) to €3.734 billion, online retail matched that pace at €323 million, and wholesale and royalty income grew 6% CCY (2% reported) to €1.355 billion.
Richemont reported a 6% year-on-year sales increase at constant currency (CCY) to €5.4 billion for Q1 ending June 30, 2025.At actual exchange rates, growth stood at 3%, with currency headwinds weighing on results. Despite a challenging global backdrop, the performance signals a steady recovery from last year’s luxury market slump.
Jewellery remained the standout segment, with the company’s four Maisons — Cartier, Van Cleef & Arpels, Buccellati, and Vhernier — posting strong 11% growth to €3.914 billion. This marks the third straight quarter of double-digit growth, supported by both jewellery and watches, and driven by all regions except Japan.
However, the Specialist Watchmakers division struggled, with sales falling 7% to €824 million due to weaker performance in China, Hong Kong, Macau, and Japan. Double-digit growth in the Americas provided partial relief.
Richemont’s ‘Other’ division — which includes fashion and accessories brands — saw a 1% drop at CCY and 4% decline on a reported basis, totaling €674 million. While Peter Millar, Alaïa, Chloé, and Watchfinder showed strength, no update was given on Dunhill, Delvaux, Montblanc, or other labels.
Regionally, Europe (+11% to €1.295 billion), the Americas (+10% reported, +17% CCY to €1.335 billion), and the Middle East & Africa (+11% reported, +17% CCY to €524 million) all performed well. Asia Pacific was flat at CCY but down 4% reported (€1.731 billion), while Japan declined sharply (-15% CCY, -13% reported) to €527 million due to tough comparatives and reduced tourist spending.
- Around $3728 (~Rs 110,300) for gold futures and $43.23 (~Rs 129,7000) for silver, both markets were trading close to a record high ahead of the US FED’s two-day policy meeting that begins today.
- The Fed is expected to cut interest rates by 25 basis points on Wednesday, the first since December, and markets are almost certain that the easing cycle will continue into the following year. Recap: Despite the president’s dismissal, the federal appeals court permits Lisa Cook to remain as a Fed gov and take part in the FOMC meeting beginning tomorrow.
- For clues about the direction of future policy, all eyes will be on the Fed’s quarterly Summary of Economic Projections, which includes the much-awaited dot plot, and Chair Jerome Powell’s press conference. Regarding the data, reports on industrial production and retail sales that are anticipated later today will be closely examined to gain more understanding of how strong the economy is.
Technical Triggers
- Gold Dec Futures has given a breakout above $3700 (~Rs 110,000), the next target would be $3800 (~Rs 113,500). If prices top out and fall below $3650 (~Rs 108,500), then only we could see further profit booking.
- Silver Nov Future prices have given a breakout above its consolidation range of $41 (~Rs 123,000) and $42 (~Rs 126,000) for the past few days and achieved the target of $43. This rally has more room for upside towards $45 (~Rs 140,000)
Support and Resistance
| Commodity | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3650/oz | $3800/oz |
| Indian | ₹108,500/10 gm | ₹113,500/10 gm | |
| Silver | International | $42.5/oz | $45/oz |
| Indian | ₹127,000/kg | ₹140,000/kg |
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