Luxury Goods: Chart of the day – Cartier Watches still flying

Research evidence excerpt

Luxury Goods: Chart of the day – Cartier Watches still flying

Update

June 9, 2026 05:35 PM GMT

Morgan Stanley & Co. International plc+MLuxury Goods | Europe Edouard Aubin

Equity Analyst

Chart of the day – Cartier Edouard.Aubin@morganstanley.comNatasha Bonnet +44 20 7425-3160

Natasha.Bonnet@morganstanley.com +44 20 7677-5723

Watches still flying Grace Smalley, CFA

Grace.Smalley@morganstanley.com +44 20 7425-9629

Cedric Norest

Research Associate

Cedric.Norest@morganstanley.com +44 20 7425-1462

Key Takeaways

Brands

Cartier Watches saw a stellar performance in FY26, up +19% at constant FX, we Europe

estimate. Industry View In-Line

Given the size of the division (>€3.6bn in sales or >16% of Group sales), this

made Cartier Watches a key contributor to Richemont growth in FY26.

As we show below, FY27 seems to be off to a solid start, as evidenced by strong

growth in Cartier's website traffic.

We are Overweight Richemont shares with a price target of CHF 200, implying

+21% upside.

Exhibit 1: Website traffic growth in May 2025 and May 2026

Cartier 7.4M 11.6M

Rolex 5.8M 7.4M

Omega 2.8M 4.3M

Tag Heuer 2.3M2.5M

Longines 1.5M 3.0M

Tudor 1.4M 2.4M

Breitling 1.2M1.5M

Patek Philippe 1.4M1.6M

IWC 0.8M1.2M

Audemars 3.2M

Piguet 1.1M

May-26 May-25

Source: SimilarWeb, Morgan Stanley Research

What's new? As per Similarweb data measuring website traffic published yesterday,

traffic to Cartier's online portal has risen +57% YoY in May to 11.6m unique visitors.

This has widened the gap to market leader Rolex, up +28% to 7.4m unique visitors Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

(although, unlike Cartier, Rolex's website only references authorised dealers and investors should be aware that the firm may have a conflict of