Financials

Kering’s Jewelry Houses Rebound in H1

FinancialsJul 30, 2021

Kering’s Jewelry Houses Rebound in H1

Boucheron and Pomellato performed especially well in the first half after expanding into the Asia-Pacific region.

20210721_Boucheron-8Chromatique1.jpg
A “Chromatique” brooch from Kering-owned Boucheron’s new high jewelry collection, featuring a 25.01-carat cushion-cut green Mozambican tourmaline with holographic ceramic and diamonds set in titanium and white gold
Paris—Kering posted strong growth in the first half of its fiscal year, with revenue climbing double digits and exceeding pre-pandemic levels.
 
The company behind Gucci, Yves Saint Laurent and other high-end brands posted first-half revenue of €8.05 billion ($9.57 billion), a 54 percent increase on a comparable basis and 8 percent higher than the first half of 2019.

In the second quarter, revenue nearly doubled, up 95 percent year-over-year to €4.16 billion ($4.94 billion) and up 11 percent compared with the second quarter of 2019.

“Kering delivered excellent performances in the first half and resumed its trajectory of strong, profitable growth,” said CEO François-Henri Pinault in a press release about the results. 

“All of our houses contributed to a sharp rebound in total revenue, which comfortably exceeded its 2019 level, with a remarkable acceleration in the second quarter.” 

Strong momentum in North America and the Asia-Pacific region bolstered sales in Kering’s directly operated stores, which account for about 80 percent of its total sales.

First-half sales from these stores, including e-commerce, were up 60 percent year-over-year and 11 percent compared with 2019.

About 17 percent of its stores were closed during the first half of 2021 and 13 percent were closed in the second quarter.

Online sales, however, were “outstanding,” said Kering, with first-half revenue up 78 percent year-over-year, accounting for 14 percent of retail sales. For the second quarter, online sales were up 59 percent.

In North America, e-commerce sales doubled in the first half, up 110 percent, accounting for 24 percent of retail sales.

Wholesale sales were up 30 percent year-over-year in the first half, though sales are down 4 percent in the past two years as the company works to streamline the segment.
 
The company’s watch and jewelry brands, including Pomellato and Boucheron, fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.

First-half revenue in the “others” division rebounded, totaling €1.48 billion ($1.76 billion), a 65 percent increase year-over-year on a comparable basis. Compared with the first half of 2019, sales were up 22 percent.

“Our jewelry houses all posted sharp rebounds with significant triple-digit increases across channels and geographies in Q2,” said Chief Financial Officer Jean-Marc Duplaix during the company’s earnings call.

First-half retail sales in the “others” division were up 63 percent while wholesale revenue was up 67 percent.

In the second quarter, overall sales in the category doubled, up 111 percent on a comparable basis.

Alexander McQueen and Balenciaga were the category’s top performers alongside the jewelry houses. 

 Related stories will be right here … 

The watch brands and menswear company Brioni “registered very encouraging rebounds,” said Kering.

Boucheron and Pomellato found success in Asia-Pacific, particularly in mainland China, following an expansion in the region.

Boucheron just released its new high jewelry collection, “Holographique.”

Qeelin had a “truly spectacular” first half, said Duplaix, tripling its first-half 2019 revenue.

Looking at watches, revenue was up triple digits in the second quarter.

“Ulysse Nardin’s quest for exclusivity is paying off, while Girard-Perregaux is consolidating its turnaround and starting to reap benefits from its collaboration with Aston Martin,” Duplaix said.

By region, second-quarter sales in North America nearly quadrupled, up 263 percent year-over-year. 

Sales in Western Europe were up 71 percent while sales in Asia Pacific climbed 53. In Japan, quarterly sales nearly doubled, up 92 percent.

For the rest of the world, sales more than quadrupled, up 322 percent.
 
Kering did not provide specific guidance for the fiscal year, but said that “though it remains highly dependent on developments in the health situation and associated restrictions across countries and regions, the luxury market has posted a significant rebound since the beginning of the year.”

The Latest

2025 National Jeweler Retailer Hall of Fame inductees
Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame Inductees

This year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.

Harwell Godfrey Granny Square Eleanor Necklace
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace

As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.

 Laura Gallon Joaillerie “Dynasty” ring, Bijules “Compass” bolo tie, Löf “The Orbitalis” ring
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design Atelier

Discover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.

DCA-student-cert-NJ1872x1052-2.png
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry Business

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

Jack Abraham The Royal Ruby Collection
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las Vegas

The “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.

Weekly QuizJun 05, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Daymond John
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Vaishali Banerjee and Pallavi Sharma
MajorsJun 05, 2025
Platinum Guild International Updates Leadership Team

Two existing executives have been given new roles.

Article Image 1.png
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Meredith Tiderington
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship Recipient

Meredith Tiderington, an electrical engineering student, was selected for the award.

The Gemological Institute of America’s logo
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown Diamonds

It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”

Exterior of the Venetian and the Las Vegas Sphere
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 Sessions

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

JCK show
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows

The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.

Amy Curran
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.

Her new role is director of strategic initiatives.

The eight rings in Viviana Langhoff’s AU79 jewelry collection
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into Gold

The designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.

Woman’s hand holding shopping bags
SurveysJun 03, 2025
Consumer Confidence Improves in May

The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.

Dakota Johnson as Roberto Coin Brand Ambassador
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand Ambassador

The actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.

Mason Kay Jade necklace
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade Reports

The company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."

Gemfields ruby
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat Ruby

The large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.

Adobe Stock image of skyline of Bangkok, Thailand
GradingJun 02, 2025
GSI Opens New Lab in Thailand

Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.

Seaman Schepps pearl earrings
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June

Those born in June have a myriad of options for their birthstone jewelry.

David Allouche
SourcingJun 02, 2025
David Allouche Joins Grandview Klein Diamonds

The diamond industry veteran has been named its senior sales executive.

Zoë Chicco Bracelets
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable Environment

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Renato Cipullo Hematite Blaze Necklace
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ Necklace

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

Stock image of shipping containers
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs Invalid

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

Britney Spears
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry Line

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Inoveo Platinum Grain image.jpg
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by Stuller

Sponsored by Stuller

Grizzly Mining Pilala emerald
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat Emerald

It was featured in the miner’s latest sale, which brought in $24.8 million.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy