The news: Cartier and Van Cleef & Arpels owner Richemont’s sales rose 20% at constant exchange rates in its fiscal Q1, nearly double analyst expectations, as strong demand for jewelry and watches drove double-digit gains in almost all geographies.

By the numbers: Richemont’s jewelry division was the standout, with sales increasing 24% YoY in the three months ended June 30 for the seventh consecutive quarter of double-digit growth. The company cited strength across brands, regions, and sales channels—underscoring broad-based demand for luxury pieces that are more likely to hold their value in a volatile environment.

Compared with its luxury peers, Richemont has been mostly resilient despite geopolitical volatility.

• Sales were positive in the Middle East and Africa, where demand from local consumers helped offset declines in tourist spending amid uncertainty surrounding the US-Iran war.
• Revenues from the Americas jumped 27% YoY, with double-digit growth across business divisions, again led by local demand.
• Asia-Pacific sales rose 21%, with sales in China, Hong Kong, and Macau increasing by double digits—mainly due to strong demand in the latter two markets—alongside healthy growth in South Korea and Taiwan.
• Europe benefited from spending by North American and Middle Eastern tourists as well as robust demand from local shoppers, which fueled an 11% increase in sales.