Story Highlight
– Richard Mille’s sales decreased by 7% in 2025.
– Middle East revenue doubled to CHF 218 million.
– Operating profit increased by 29% to CHF 182 million.
– European boutiques performed well despite overall contraction.
– Peter Harrison’s wealth reached £350 million in 2026.
Full Story
Sales at Richard Mille declined by 7% in 2025, dropping from CHF 302 million to CHF 280 million. This decline was more than offset by a significant increase in revenue from the Middle East, where sales more than doubled, surging from CHF 102 million to CHF 218 million.
These statistics are detailed in the financial report of Richard Mille EMEA for the year ending December 31, 2025.
The luxury watchmaker’s operating profit saw an impressive rise of 29%, climbing from CHF 141 million to CHF 182 million. Despite the overall downturn in Europe, Richard Mille reported strong performance across its boutiques on the continent and in the UK.
The company noted in its report: “Corporate boutiques in Munich, Istanbul and London had better than expected increases in year-on-year sales.”
The Middle Eastern market stood out, particularly highlighted by robust sales in Riyadh, Saudi Arabia.
It is important to note that these financial results were recorded prior to the escalation of tensions in the region, including recent attacks on major Gulf capitals linked to the conflict involving Israel and Iran, alongside the Houthi rebel bombings in Saudi Arabia.
British entrepreneur Peter Harrison, through his holding company Redgrave Luxury, holds a majority stake (over 50%) in Richard Mille EMEA, overseeing a territory that extends from London to wealth-rich Gulf nations. Harrison’s business interests have thrived alongside Richard Mille’s growth. He, along with his daughter Tilly, who became a board member of both of Harrison’s UK businesses in 2022, is reported to have a net worth of £350 million according to the 2026 Sunday Times Rich List.
The methodology employed by the Rich List encompasses various forms of identifiable assets, including real estate, art, racehorses, and shares in publicly traded companies.
Redgrave Luxury, under Harrison’s significant control (over 75% of shares), owns a half stake in Richard Mille EMEA, further cementing its pivotal place in the luxury watch landscape.
