topstockalerts
Jefferies analysts said hard luxury appears more resilient than soft luxury in China, while warning that U.S. tariffs could distort Swiss export data due to shipment delays and changes in transit points.
Hard luxury’s share of global Google searches reached 54.9% in September so far, slightly above 54.7% in September 2025. Cartier and Van Cleef & Arpels, both owned by Richemont, continued to outperform, with their combined share of global hard-luxury website visits rising about 190 basis points year over year to 60.5% in mid-August.
China’s jewelry retail sales fell 17.5% in August after declining 10.1% in July, extending a volatile trend this year. Meanwhile, global Swiss watch exports rose 8.6% in value in August, following average growth of 7.4% from May through July.
U.S. Swiss-watch exports fell 19.4% in August, with the two-year cumulative decline reaching 38.3%. Excluding the U.S., global exports increased 13.8%, while global volumes including the U.S. rose 9.5%.
$CFR $JEF
