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After two years marked by a slowdown in the market, the latest figures are beginning to shift the outlook for the industry. Results released in July by some of the world’s leading luxury groups, combined with a strong rebound in Swiss watch exports in June, point to a considerably more favorable scenario heading into the second half of 2026.
One of the strongest signals came from Richemont. The group reported sales of €6.3 billion for the quarter ended June 30, up 20% at constant exchange rates. Its specialist watchmaking Maisons, including Vacheron Constantin, Jaeger-LeCoultre, IWC Schaffhausen, Panerai and A. Lange & Söhne, grew 8%, with particularly strong performances from Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Söhne. Meanwhile, the group’s jewelry Maisons, led by Cartier and Van Cleef & Arpels, advanced 24%. By region, the Americas stood out with 27% growth, while Asia Pacific rose 21%.
Positive signs also emerged at LVMH. The French luxury giant closed the first half with revenue of €38.6 billion, with growth accelerating during the second quarter. Watches & Jewelry generated €5.225 billion in sales over the first six months, representing organic growth of 9%. Between April and June, that figure accelerated to 11%. Bvlgari was among the strongest performers, supported in particular by its high jewelry and prestige watch collections
Photo courtesy of Panerai
Swatch Group provided another important indicator. The owner of Omega, Longines, Breguet and Blancpain increased sales by 8.5% at constant exchange rates during the first half. Its Watches & Jewelry business, excluding Production, advanced 9.5%. Omega recorded 20% growth in its retail channel, while Longines achieved double-digit growth. Profitability, however, remains under pressure: the group’s operating margin stood at just 1.7%, compared with 2.2% in the same period of 2025.
May and June nevertheless showed a significant improvement, with sales rising 13.1% at constant rates and the operating margin reaching 8.6%. The broader industry picture still calls for some caution. Swiss watch exports jumped 11.2% in June to nearly CHF 2.4 billion. Across the January-to-June period, however, they remained down 0.7%, totaling CHF 12.8 billion.
Bvlgari’s stand at Watches & Wonders – WA Magazine
The numbers are not yet enough to declare a sustained recovery. But Richemont, LVMH and Swatch Group are showing stronger momentum at the same time that exports are beginning to improve. If that trend continues over the coming months, 2026 could ultimately be remembered as the year Swiss watchmaking began to move beyond its recent slowdown.
Photo courtesy of Omega
