FinancialsFeb 10, 2022
Watches of Switzerland’s Q3 Jewelry Sales Up 88%FinancialsFeb 18, 2022
Kering’s Jewelry Brands Had an ‘Exceptional’ Year
The luxury conglomerate posted record overall revenue in 2021.
A pair of sun-shaped diamond hoops set with 35.93 carats of emeralds from Kering-owned Boucheron’s new high jewelry collection. Kering’s revenue was up 35 percent year-over-year.
Paris—Kering had a strong end to its fiscal year, reporting record revenue for 2021 and exceeding pre-pandemic 2019 levels, and its jewelry brands stood out as a bright spot on the balance sheet.
CEO François-Henri Pinault said during an earnings call Thursday the luxury giant may look into acquisitions in the near future, including in jewelry.
“We will very actively look at a potential acquisition, if it makes sense in terms of our portfolio strategy going forward and we have the means to do that,” he said.
The company behind Gucci, Saint Laurent, and other high-end brands posted fourth-quarter revenue of €5.41 billion ($6.14 billion), a 35 percent increase year-over-year and 24 percent higher than the fourth quarter of 2019.
For the full year, revenue was up 35 percent year-over-year to €17.64 billion ($20.05 billion) and up 11 percent compared with 2019.
“All our houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years,” said Pinault in a press release about the results.
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 totaled €945.4 million ($1.07 billion), a 36 percent increase year-over-year and a 35 percent increase compared with 2019.
For the full year, revenue in this category was up 43 percent year-over-year to €3.26 billion ($3.71 billion) and up 29 percent compared with 2019.
It was an “exceptional year for jewelry,” said Kering. “Boucheron enjoyed success in new markets, Pomellato continued to grow at an exceptional pace, and Qeelin saw very rapid expansion.”
Boucheron recently debuted its latest high jewelry collection. Called “New Maharajahs,” it draws inspiration from the style of Bhupinder Singh, the Maharajah of Patiala, who paid a visit to the jeweler in Paris in 1928.
“Boucheron is capitalizing on its exceptional offerings in high jewelry and jewelry to confirm its promises and its strong potential in Asia-Pacific,” said Chief Financial Officer Jean-Marc Duplaix during the company’s earnings call Thursday.
Qeelin is seeing “explosive growth,” said Kering, with the brand’s sales up 2.5 times compared with 2019 levels. The brand is doing especially well in the Asia-Pacific region.
Pomellato could be next in line to see strong growth, said Kering.
“Pomellato, which still derives the bulk of its revenue from Europe, is gradually expanding its footprint, leveraging its iconic lines and new launches,” said Duplaix.
Kering recently sold watch brands Ulysse Nardin and Girard-Perregaux back to their management teams.
Related stories will be right here …
CEO François-Henri Pinault said during an earnings call Thursday the luxury giant may look into acquisitions in the near future, including in jewelry.
“We will very actively look at a potential acquisition, if it makes sense in terms of our portfolio strategy going forward and we have the means to do that,” he said.
The company behind Gucci, Saint Laurent, and other high-end brands posted fourth-quarter revenue of €5.41 billion ($6.14 billion), a 35 percent increase year-over-year and 24 percent higher than the fourth quarter of 2019.
For the full year, revenue was up 35 percent year-over-year to €17.64 billion ($20.05 billion) and up 11 percent compared with 2019.
“All our houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years,” said Pinault in a press release about the results.
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 totaled €945.4 million ($1.07 billion), a 36 percent increase year-over-year and a 35 percent increase compared with 2019.
For the full year, revenue in this category was up 43 percent year-over-year to €3.26 billion ($3.71 billion) and up 29 percent compared with 2019.
It was an “exceptional year for jewelry,” said Kering. “Boucheron enjoyed success in new markets, Pomellato continued to grow at an exceptional pace, and Qeelin saw very rapid expansion.”
Boucheron recently debuted its latest high jewelry collection. Called “New Maharajahs,” it draws inspiration from the style of Bhupinder Singh, the Maharajah of Patiala, who paid a visit to the jeweler in Paris in 1928.
“Boucheron is capitalizing on its exceptional offerings in high jewelry and jewelry to confirm its promises and its strong potential in Asia-Pacific,” said Chief Financial Officer Jean-Marc Duplaix during the company’s earnings call Thursday.
Qeelin is seeing “explosive growth,” said Kering, with the brand’s sales up 2.5 times compared with 2019 levels. The brand is doing especially well in the Asia-Pacific region.
Pomellato could be next in line to see strong growth, said Kering.
“Pomellato, which still derives the bulk of its revenue from Europe, is gradually expanding its footprint, leveraging its iconic lines and new launches,” said Duplaix.
Kering recently sold watch brands Ulysse Nardin and Girard-Perregaux back to their management teams.
Quarterly revenue from Kering’s directly operated stores, including e-commerce, was up 39 percent year-over-year and up 34 percent compared with 2019.
For the full-year, revenue from these stores rose 40 percent year-over-year. It was up 18 percent compared with 2019.
Online sales continued to grow, up 55 percent year-over-year, and now accounting for 15 percent of total sales in the retail network, up from 13 percent of sales last year.
Wholesale revenue was up 17 percent year-over-year, but down 3 percent compared with 2019, which is in line with the company’s “increasingly exclusive” approach to distribution.
By region, sales in North America were up 63 percent year-over-year in the quarter and up 76 percent in the full year. Compared with 2019, sales were up 82 percent.
As the U.S. luxury market continues to grow, Pinault said the company may expand its network into “second- and third-tier” cities like Atlanta and Nashville. A Gucci store is set to open soon in Austin.
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, an effort to set industry-wide sustainability goals.
The company also recently announced it would no longer use fur as of fall 2022.
Kering did not provide specific guidance for the next fiscal year.
Editors' Picks
Sponsored by
More on Financials
The Latest
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
