Richard Mille: Luxury Swiss watch brand’s sales tick past major milestone
Sales at the Europe, Middle East and Africa arm of luxury Swiss watch brand Richard Mille have ticked past a major milestone as its growth streak continues.
The London-headquartered division has posted a turnover of CHF 404.4m (£371.2m) for 2024, up from the CHF £378.7m it achieved in 2023.
New accounts filed with Companies House also show its pre-tax profit grew in the year from CHF 147.1m to CHF 158.4m.
The latest figures mean that Richard Mille’s EMEA division’s turnover has increased every year since 2011, apart from the Covid-19 impacted 2020.
During 2024, Richard Mille’s European turnover increased from CHF 283.4m to CHF 302.2m and from CHF 95.3m to CHF 102.2m in the Middle East.
A statement signed off by the board said: “Sales for the first half of 2025 are in line with expectations with good indications for a strong second half of the year.
“Sales enquiries and boutique visitor numbers remain high and all regions continue to show signs of strong demand with long waiting lists for both new and existing models.
“Therefore management are confident sales targets will be met.”
Richard Mille joins Christopher Ward in sales rise
The results for Richard Mille’s EMEA division come after Morning Wire reported in July that sales at luxury watchmaker Christopher Ward jumped by 50 per cent in its latest financial year fuelled by huge growth in the US.
The business, which was founded in 2004, has posted a turnover of £45.3m for the year to 31 March, 2025, up from the £30.5m it achieved in the prior 12 months.
The previous total was itself a huge rise from the £16.8m the firm reported for the year to March 2023.
Christopher Ward’s UK sales increased by 29 per cent in its latest financial year while its international turnover surged by 58 per cent.
In the US, its largest market, the firm’s sales jumped by 66 per cent.
However, earlier that month Morning Wire also reported that Swiss watch brand Swatch warned its UK profit could continue to shrink as a result of Chancellor Rachel Reeves’ tax hikes.
The business has said the increase in employer’s National Insurance contributions – which were announced in October 2024 and came into effect in April this year – will increase operational costs.
Swatch added that the move could have potential impacts on profitability and business growth.