Billionaire Johann Rupert's Richemont posted its strongest year on record but China remains its biggest vulnerability
Billionaires Africa | 21.06.2026 12:45
Johann Rupert's Richemont delivered one of the strongest annual performances in its history, posting revenue of €22.4 billion ($24.2 billion) for the year ended March 31, 2026, up 11 percent at constant exchange rates, with net profit surging 27 percent to €3.5 billion ($3.8 billion). The result surprised analysts who had expected record gold prices, US tariff uncertainty and softening consumer confidence to drag more heavily on the Swiss luxury group behind Cartier and Van Cleef and Arpels. Yet behind the headline, a structural vulnerability that Rupert and his management team cannot yet resolve remains clearly visible: the group's dependence on China, a market that is changing in ways that previous downturns have not prepared it for.
