Richemont: Turning More Constructive Into Q3 With Quality Growth Ahead (Rating Upgrade)

2025-10-20 08:40:28 ET

Our readers know we were buyers of Richemont ( OTCPK:CFRHF )( OTCPK:CFRUY ); however, on FX headwinds and lower interest income , we downgraded the name — shares are up ~8% since (Fig. 1). We expect H1 Fiscal Year 2026 to reaffirm Richemont as a top organic growth story, underpinned by rising branded jewelry penetration and a powerful brand portfolio. This momentum is, for now, obscured by gold and currency pressure, offsetting better-than-expected sales amid ongoing sector EPS downgrades. We have revised our view and now expect Richemont to surprise on the upside, particularly over the Christmas period, which for the company is presented as the Q3 2026. ...

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