Financials

Kering’s Jewelry Brands See Strong Q3 Growth

FinancialsOct 20, 2021

Kering’s Jewelry Brands See Strong Q3 Growth

Boucheron, Pomellato, and its other jewelry houses posted double-digit growth or stronger in the quarter.

20211020_Boucheron ring.jpg
The “Prisme” ring with holographic rock crystal and diamonds in white gold from Kering-owned Boucheron’s new “Holographique” high jewelry collection
Paris—Kering’s sales growth slowed in the third quarter as sales in the Asia Pacific region faltered, but its jewelry houses still put on a strong performance.

The company behind Gucci, Saint Laurent, and other high-end brands posted third-quarter revenue of €4.19 billion ($4.87 billion), a 12 percent increase on a comparable basis and 10 percent higher than the third quarter of 2019.

“On the back of an excellent first half, Kering achieved a very solid third quarter at group level, up double digits over 2019,” said CEO François-Henri Pinault in a press release about the results. 

“Saint Laurent, Bottega Veneta, and our other houses, as well as Kering Eyewear, all posted outstanding performances,” he said.

Revenue from Kering’s directly operated stores, including e-commerce, were up 12 percent year-over-year and up 11 percent compared with 2019.

Online sales continued their growth trajectory, with third quarter revenue up 24 percent year-over-year.

In North America, e-commerce sales accounted for 20 percent of retail sales.

When compared with 2019, overall online sales nearly tripled, up 148 percent.

For the first nine months of the year, overall revenue was up 37 percent year-over-year to €12.24 billion ($14.23 billion).

The company’s watch and jewelry brands, including Pomellato and Boucheron, fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.

Quarterly revenue in the “others” division rebounded, totaling €837.7 million ($981.4 million), a 26 percent increase year-over-year on a comparable basis. 

For the first nine months of the year, revenue in this category was up 48 percent year-over-year to €2.32 billion ($2.7 billion).

Sales in the category were up “very sharply” when compared with the third quarter of 2019, particularly due to the ongoing expansion of Balenciaga and Alexander McQueen.

 Related stories will be right here … 

Nonetheless, it was a strong quarter for its jewelry brands, with all seeing double-digit growth or higher on a one- and two-year basis, said Chief Financial Officer Jean-Marc Duplaix during the company’s earnings call.

“All jewelry houses delivered outstanding performances,” Kering said.

Boucheron’s new collections were met with high praise, especially in China and South Korea.

Pomellato’s classic collections drove its solid growth while its high jewelry offerings heightened its visibility, said Duplaix.
 
Qeelin saw “impressive growth,” with sales doubling compared with the third quarter of 2019.

Kering’s watch brands, including Ulysse Nardin and Girard-Perregaux, returned to growth.

Quarterly retail sales in the “others” division were up 24 percent while wholesale revenue was up 27 percent.

By region, third-quarter sales in North America were up 31 percent year-over-year.

In Asia Pacific, sales were up 1 percent, hampered by a rise in COVID-19 cases over the summer.

Sales in Western Europe were up 15 percent while sales in Japan were up 3 percent.

For the rest of the world, sales were up 24 percent.

The company recently announced it would no longer use fur as of fall 2022.

Kering has been looking to boost its sustainability efforts, joining forces with Richemont-owned Cartier to launch the Watch and Jewelry Initiative 2030 in partnership with the Responsible Jewelry Council, in an effort to set industry-wide sustainability goals.

“Sustainability is central to our strategy, and we achieved major new milestones in recent weeks. More than ever, we are investing to sustain our profitable growth trajectory over the long term and poised to successfully pursue our journey,” said Pinault.
 
Kering did not provide specific guidance for the fiscal year ahead.

The Latest

Cast Issa Rae
MajorsJul 01, 2025
Cast Closes Business, Plans for Relaunch

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

Eve Goldberg, Matthew Denatale, Willie Lopez, Benjamin Goldberg
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship Program

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

Elie Hannoush
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Claire’s store
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report Says

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Weekly QuizJun 26, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Mindi Mond Spike Earrings
TrendsJul 01, 2025
Amanda’s Style File: Red Hot Rubies

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

The Story of Everything Campaign, Toadstool Mushroom and Cosmic Egg
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Smart Age Solutions CEO Emmanuel Raheb
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry Sales

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

Morgan Keefe
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education Scholarship

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

The Jewelry Book
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry

“The Jewelry Book” comes out this September.

Gemist
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech Platform

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Jeff Preolo, David Stout, Levi Higgs, David Benavides
IndependentsJun 27, 2025
David Webb Announces New Hires, Promotions

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

Blake Graham and Jessica Kohoutek
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner

AGS also named the recipient of its “Women in Leadership” scholarship.

Buddha Mama Monstera Ring
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap Ring

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Cashier handing Rocksbox bag to customer
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers Downsizes

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

Penny Ruston
IndependentsJun 26, 2025
Penny Ruston Dies at 80

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

Stock image of woman shopping
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

Sorellina Playlist: Electric Dreams Campaign
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired Jewels

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The Jewelry Symposium event
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 Event

The event is set for May 16-19 in Detroit, Michigan.

Exterior of Marissa Collections’ new store in Nantucket, Massachusetts
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight Continues

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef Jewelry

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

Karine Choudhrie Big Splash Circus Starfish and Lantern Fish
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus Performers

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

Jewelers of America
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund Recipients

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

John Dyer Montana Sun Sapphire
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for Entries

The organization has also announced this year’s slate of judges.

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

×

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