10 Questions for Management

研报英文原文证据摘录

10 Questions for Management

UpdateM#3 – Jewellery category. Over the past 12 months, as a number of talented Creative

Directors recently joined leading soft luxury brands (Matthieu Blazy at Chanel,

Jonathan Anderson at Dior, Demna at Gucci, etc.), a number of industry observers

have predicted the "end of the Jewellery super cycle" - i.e. renewed creativity and

innovation in ready-to-wear and footwear would lead to wallet shift at the expense

of spending on jewellery. If anything, Western jewellery houses (including Cartier

and Van Cleef, but also Bulgari, Boucheron, etc.) seem to have increased their

outperformance vs soft luxury brands. How do management explain this? Since

early March, the gold price is down in excess of -20%: are declining gold prices a

good or a bad thing for jewellery demand (and Richemont's performance overall)?

#4 – Jewellery Maisons reported +24% YoY CER growth in 1Q27. How does

performance differ by brand? Would it be fair to say that Van Cleef's overall growth

rate is now likely in line with Cartier (both growing strongly at +DD%, but up until

FY26, Van Cleef was growing notably faster we believe)? What keeps driving the

outperformance of Richemont's two leading brands worldwide? How does JM's

performance differ by product - is it fair to assume that iconic lines (Cartier Love

Bracelet, Van Cleef Alhambra etc) are outperforming, thus accounting for a

continuously greater share of the sales? At what point does ubiquity impact

desirability? Cartier: in FY26, we estimate that Cartier grew approx. +13% YoY at

CER, with Jewellery up c.+10% and Watches up c+19%. Assuming growth for Cartier

of approx. +22% YoY at CER, would it be fair to assume Jewellery up c+20% and

Watches up c+26%? Buccelatti seems to be doing extremely well, likely