Richemont FY - Rich & Resilient

Richemont rose over 7% on Friday after it reported a 4% rise in full-year sales to EUR21.4 billion, with its core jewellery Maisons, including Cartier and Van Cleef & Arpels, continuing to sparkle.

Jewellery sales rose 8% and now account for the lion's share of group revenue, helping offset a 13% decline in the specialty-watchmaking division. Direct-to-client sales now make up 76% of total revenue.

Sales in Japan surged by 25% and there was also double-digit growth across Europe, the Americas, and the Middle East. China remains soft for now, but Johann Rupert was characteristically calm, noting: "It helps to fly with five engines. If one goes down, you still have four."

Operating profit declined 7% to EUR4.5bn, dragged by once-off costs, but free cash flow and a rock-solid balance sheet support a dividend increase to CHF 3.00 per share.

In a luxury environment where most big names are bleeding sales, Cartier and Van Cleef & Arpels continue to defy the gloom, proving that ultra-high-end buyers are simply built different - richer, stickier, and still spending.

While others scramble to protect margins, Richemont is gaining market share and raising dividends. The stock is now up over 27% year-to-date, showing that resilience in the luxury space might just be spelled R-I-C-H.