Richemont (CFR.S): Model update and 1Q27E sales preview

研报英文原文证据摘录

Richemont (CFR.S): Model update and 1Q27E sales preview

Richemont (CFR.S)

06 July 2026 Citi Research

Richemont

Valuation

We use a sum-of the-parts methodology to value Richemont, but with a hybrid approach. Rather than valuing Richemont by

Maisons, we split the group between: 1) the Jewellery Maisons, which we value by product category; and 2) the other business

units, which we continue to value independently as Maisons/divisions. This approach better reflects the greater importance of

the jewellery category in the overall profit pool, in our view, and the category’s attractive growth prospects, while not

underestimating the potential hidden value from a turnaround at the two historical underperforming Maisons – Specialist

Watchmakers and Fashion & Accessories.

Within the Jewellery Maisons, the jewellery category represented by Cartier, Van Cleef and, to a much lesser extent, Buccellati,

is valued at a ~10% premium to the luxury goods sector long-run average multiple. The branded jewellery segment offers

stronger long-term revenue growth prospects, elevated and resilient profitability, and increased polarisation between brands,

which should favour strong, established brands with longstanding heritage and control of distribution (eg, Cartier and Van

Cleef), a “winner takes all” dynamic that we have seen in leather goods over the past 5 years. Cartier/Van Cleef watches are

valued in line with the luxury sector. The jury is out as to whether Cartier watches will return to previous industry-leading growth

rates seen a decade ago, but good progress has been made in recent years. While Cartier might be better positioned than other

Richemont watch brands, the Swiss luxury watches category continues to face volatile demand patterns, structural headwinds,

and greater polari