Fashion
Switzerland’s Richemont reports robust H1 as Q2 sales surge 14%
The growth accelerated sharply in the second quarter, with sales rising 14 per cent at constant rates and 8 per cent at actual rates, reflecting broad-based momentum across regions and business areas.
Richemont has delivered sales of €10.6 billion (~$12.30 billion) in H1, an increase of 10 per cent YoY at constant rates, with Q2 accelerating to 14 per cent.
Operating profit rose to €2.4 billion (~$2.78 billion) and net profit reached €1.8 billion.
All regions saw double-digit Q2 gains.
Strong cash flow and solid liquidity supported continued investment despite ongoing macroeconomic pressures.
The group recorded operating profit of €2.4 billion, an increase of 7 per cent at actual exchange rates and 24 per cent at constant rates, resulting in a 22.2 per cent operating margin. Profit for the period surged to €1.8 billion, supported by continued operations and the absence of last year’s €1.2 billion non-cash write-down from discontinued operations. Richemont’s net cash position remained solid at €6.5 billion, bolstered by €1.9 billion in cash flow from operating activities.
After 18 challenging months in the global watch market, the Specialist Watchmakers division posted a slower sales decline of 6 per cent (-2 per cent at constant rates) to €1.6 billion. Q2 delivered encouraging improvement with sales rising 3 per cent at constant rates, even as volatile demand in China and additional US tariffs weighed on performance. Operating margin stood at 3.2 per cent, Richemont said in a press release.
Sales in the ‘Other’ business area were broadly stable, down 1 per cent at actual rates but up 2 per cent at constant rates, with Q2 contributing a 6 per cent rise at constant rates. Fashion & Accessories Maisons, including Alaia, Peter Millar and Chloe, delivered stronger performance, though the segment posted a €42 million operating loss.
All regions registered double-digit growth in Q2 at constant exchange rates. Europe, the Americas, and the Middle East & Africa delivered strong first-half results, while China, Hong Kong, Macau and Japan returned to growth in Q2. Asia Pacific overall remained stable for the half, with South Korea and Australia continuing double-digit momentum.
Direct-to-client sales comprised 76 per cent of total revenue, consistent with last year, while retail sales grew 6 per cent. Wholesale sales increased 5 per cent at actual exchange rates, supported by double-digit gains in Europe, the Americas, and the Middle East & Africa.
The operating cash flow rose 48 per cent to €1.85 billion, supported by profit growth, lower working capital needs and gains from hedging activities. Inventory levels increased to €9.6 billion, reflecting 18.1 months of inventory rotation, but remained manageable. The dividend payout of CHF 3.00 per share accounted for the largest outflow in the period, contributing to a reduction in net cash since March 2025, though the group remains well-capitalised.
Richemont expects the operating environment to remain challenging, with continued geopolitical and economic pressures, elevated material costs and ongoing exchange rate volatility. Despite this, the group remains committed to investing in long-term growth, expanding manufacturing capabilities, and strengthening its distribution network.
Richemont closed the period with momentum in key regions and business areas, reaffirming its confidence in the group’s strategic direction and long-term value creation, added the release.
Fibre2Fashion News Desk (SG)
The agreement covers the construction and operation of a 360-kilometre railway linking the main mining areas of Al-Shidiya and Ghor Al-Safi to the Port of Aqaba.
The United Aran Emirates and Jordan recently an agreement to develop a railway network in Jordan and establish the UAE-Jordan Railway Company.
The agreement covers the construction and operation of a 360-kilometre railway linking the main mining areas of Al-Shidiya and Ghor Al-Safi to the Port of Aqaba.
The project aims at transporting 16 million tonnes of phosphate and potash annually.
The project aims at transporting 16 million tonnes of phosphate and potash annually, with a total investment value of $2.3 billion. Both phosphate and potash are chemicals used in the textile industry.
The agreement was signed by UAE Minister of Energy and Infrastructure Suhail bin Mohamed Al Mazrouei and Jordan’s Minister of Transport Nidal Al-Qatamin.
The UAE-Jordan Railway Company was formally established as a joint venture between Abu Dhabi’s L’IMAD Holding Company (L’IMAD) and several Jordanian stakeholders, according to an official release in the UAE.
The joint venture will be responsible for the implementation, operation and maintenance of Jordan’s railway network through its executing arm, Etihad Rail, the developer and operator of the UAE’s national railway network.
The project will enhance Jordan’s export capabilities and logistics efficiency by directly linking phosphate and potash production sites to the Port of Aqaba, significantly reducing transport time and costs.
It will also support comprehensive economic development and open wide prospects for job creation across multiple sectors, leveraging the extensive expertise of Etihad Rail.
Fibre2Fashion News Desk (DS)
With more than two decades of experience in the sports industry, James brings a unique combination of skills, which will help PUMA use creative direction as an important strategic lever to establish itself as a top-3 global sports brand.
Puma has appointed James Carnes as senior vice president creative direction.
Reporting to Maria Valdes, he will oversee creative direction, innovation, and product excellence.
With over two decades of experience, including leadership roles at Adidas, he will align design strategy with business goals to strengthen Puma’s global brand appeal and market position.
“James is a very highly regarded leader in our industry and he has been instrumental in shaping some of the most influential performance and lifestyle products, labels, and platforms,“ said Maria Valdes. “With a strong background in industrial design and a deep understanding of both athletes and consumers, he will play an important role in getting our customers and consumers excited about PUMA once again.”
Until 2021, James held several leadership positions in design, creative direction and strategy at adidas, both in Herzogenaurach and Portland, Oregon. Most recently he worked as an independent consultant and investor in the wider industry.
At PUMA, James will align creative direction with the company’s overall strategic ambitions, set the seasonal direction for the Business Units and create a long-term look and feel for the brand across consumer touch points.
“Creative Direction is about more than seasonal trends and colours. It is about defining how PUMA holistically presents itself in the market, harnessing the company’s portfolio of world class innovation, and deeply connecting with consumers,” said James Carnes. “We have the amazing opportunity to modernize the image and style of one of the most iconic sports brands in the world and I look forward to leading our teams and collaborating with my colleagues to make this happen.”
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
China will step up building a higher-level China-Vietnam community with a shared future that carries strategic significance, Chinese President Xi Jinping said while holding talks with visiting Vietnamese President To Lam.
China and Vietnam are accelerating efforts to navigate bilateral trade towards a more balanced and sustainable course.
President Xi Jinping recently held talks with visiting Vietnamese President To Lam.
During the visit, Vietnamese Minister of Industry and Trade Le Manh Hung called for a restructuring of production, trade and supply chains alongside stronger investment cooperation.
Xi said both countries should work together in their modernisation drive, accelerate the alignment of development strategies and prioritise infrastructure connectivity.
While meeting Chinese Minister of Commerce Wang Wentao during the state visit, Vietnamese Minister of Industry and Trade Le Manh Hung called for a restructuring of production, trade and supply chains alongside stronger investment cooperation.
Wang said both sides should focus on implementing the high-level common perceptions, including raising bilateral trade turnover to $500 billion in future.
Hung urged China to expand imports of Vietnamese goods, broaden the list of products eligible for tariff preferences and further open its market. He also called for the mutual recognition of quarantine results for agro-forestry-fishery products, facilitation of Vietnamese exports via cross-border e-commerce, and expansion of Vietnam’s trade promotion offices across Chinese localities, according to a Vietnamese news agency.
China will continue to support Vietnam in setting up additional trade promotion offices, following those already established in Chongqing, Hangzhou and Haikou, Wang responded.
China also expressed readiness to support Vietnam’s stronger exports through cross-border e-commerce, encouraging greater visibility of the Vietnam National Pavilion on Chinese e-commerce platforms beyond JD.com to better promote Vietnamese products to Chinese consumers.
China has consistently been Vietnam’s largest trading partner and second-largest export market, while Vietnam continues to be China’s biggest trading partner in the Association of Southeast Asian Nations (ASEAN).
Fibre2Fashion News Desk (DS)
UAE-Jordan Railway Company formed to build freight railway
Germany’s Puma appoints James Carnes to new creative leadership role
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