Profit triples at Cartier owner as UK sales rise
Profit has almost tripled at the UK arm of the luxury goods giant behind the likes of Cartier, Net-a-Porter and Montblanc, new results have revealed.
Richemont UK has posted a pre-tax profit of £30m for the 12 months to 31 March, 2025, according to its latest accounts which have been filed with Companies House.
The total is up from the £10.2m pre-tax profit it achieved in the prior year.
The new accounts also show the division’s revenue increased from £263.3m to £277.2m over the same period.
The business is the UK arm of the Switzerland-based luxury goods company founded in 1988 by South African businessman Johann Rupert.
The UK arm of Cartier is due to file its accounts with Companies house by the end of this month.
As well as Cartier, Richemont’s businesses also include Watchfinder.
Separately filed accounts for Watchfinder UK show its turnover increased from £93.2m to £109.8m in the year to 31 March, 2025.
However, it continued to make a pre-tax loss of £12.6m, the same amount it lost in 2024 and 2023.
In a statement signed off by the board, Watchfinder said: “Despite a challenging trading year, we have maintained our position as the market leader for luxury pre-owned watch sales in the UK.
“The strong volatility of prices on the pre-owned watch market together with difficult economic environment in the UK has had an impact on the company’s trading results.”
On its future, Watchfinder added: “For the company year, the board of directors for the group will continue to elevate the brand positioning, enhance brand awareness and develop its presence further in key locations around the world and will look at continuing to expand the business in the UK through a combination of e-commerce and physical retail presence.”
Sales fall at Cartier rivals
In September, Morning Wire reported that UK profit at Cartier rival Pandora fell significantly as its sales slipped back from a record high.
The division has posted a pre-tax profit of £14.9m for 2024, after having achieved a pre-tax profit of £61.1m in 2023.
Over the same period, the company’s turnover also fell from £448m to £441.3m.
Meanwhile, sales and profit at the UK arm of Christian Dior were slashed despite the uptick in demand for the luxury fashion brand’s watches and jewellery.
The division’s revenue fell from £32.4m to £280m in the year while its pre-tax profit was also cut from £46.6m to £27.6m over the same period.
Its latest pre-tax profit figure also compares to the £60m it achieved in 2022.