The news: Cartier and Van Cleef & Arpels owner Richemont ended 2025 on a strong note.

• Sales for the fiscal Q3 ended December 31 rose 11% YoY, well ahead of the 7.5% consensus estimate.
• The company reported growth in all divisions and geographies on a constant-currency basis, indicating strong global demand for luxury watches and jewelry despite otherwise tepid luxury spending.

The trend: Jewelry was the “standout category” in luxury in 2025, growing an estimated 4% to 6% globally in constant currency, according to Bain and Altagamma. Shoppers have a clear preference for hard luxury goods, which offer more tangible, lasting value and function as what Bain calls an “emotion-driven asset,” over soft goods like handbags and apparel.

Brands are also cashing in on celebrity associations. Cartier’s cachet soared after Taylor Swift wore one of the brand’s watches in her engagement photos, while Timothée Chalamet has also been a highly effective ambassador for the jeweler.

The outlook for luxury spending: Jewelry was a strong draw for shoppers in 2025 who were alienated by rising prices and lackluster offerings from top luxury brands. But that dynamic could shift in 2026 due to the influx of new designer talent at the likes of Chanel, Dior, and Gucci, which could reignite interest in those labels’ apparel and leather goods offerings—possibly at the expense of luxury jewelry.

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