Financials

Kering’s Jewelry Brands Had an ‘Exceptional’ Year

FinancialsFeb 18, 2022

Kering’s Jewelry Brands Had an ‘Exceptional’ Year

The luxury conglomerate posted record overall revenue in 2021.

20220218_Kering header.jpg
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 … 

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.

The Latest

Zadok Jewelers Austin store
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in Austin

The Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.

Nancy Astor Cartier turquoise and diamond tiara
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to Auction

The turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.

David DeCook Crater of Diamonds State Park 3.81-carat brown Duke Diamond
SourcingMay 05, 2025
Crater of Diamonds Yields 4-Carat Brown Diamond

“The Duke Diamond” is the largest diamond registered at the Arkansas park so far this year.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Kraft Mac & Cheese x Ring Concierge Forever Macaroni Necklace
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace

The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.

Weekly QuizMay 01, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Angely Martinez emerald Promise ring
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise Ring

Set with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.

Stuller 2025-2026 bridal catalog
MajorsMay 02, 2025
Stuller’s New Bridal Catalog Is Here

“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Americut Gems
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple Effect

Though currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.

Exterior of new David Yurman store in the Miami Design District
MajorsMay 01, 2025
Peek Inside David Yurman’s New Miami Flagship Store

Located in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.

Oscar Heyman emerald and diamond necklace
TrendsMay 01, 2025
Amanda’s Style File: 20 Pieces of Emerald Jewelry for May

May babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.

Jewelers of America logo
MajorsMay 01, 2025
Jewelers of America Opens Applications for 2025 Scholarships

The deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.

Stock image of an empty clothing store
SurveysApr 30, 2025
Consumer Confidence Hits Pandemic-Level Low Amid Tariff Concerns

What’s really worrying U.S. consumers isn’t the present situation; it’s what the economy is going to look like six months from now.

2025 Instore Jewelry Show Graphic
Events & AwardsApr 30, 2025
Instore Show Debuts New Name, Look, and Focus

Now called The Instore Jewelry Show, it will include holiday-focused education, interactive workshops, and a window display contest.

GemWorld GemGuide logo
SourcingApr 30, 2025
GemGuide Has a New Pricing Chart for Colombian Emeralds

It includes pricing for unenhanced Colombian emeralds in the fine to extra fine range.

Tiffany & Co. Sea Turtle Ring
CollectionsApr 30, 2025
Tiffany & Co. Goes Deep-Sea Diving in New Blue Book

The “Sea of Wonder” collection features pieces inspired by the ocean, from its waves to flora and creatures like urchins and sea turtles.

Golconda Blue
AuctionsApr 29, 2025
‘Golconda Blue’ Diamond Pulled From Auction

The 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.

G.B. Heron Jewelers sign
IndependentsApr 29, 2025
Maryland Jeweler to Close After 36 Years

G.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.

National Jeweler Columnist Emmanuel Raheb
ColumnistsApr 29, 2025
Google Ads vs. Social Media Ads: Which Are More Effective?

Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.

Gemfields rough rubies
SourcingApr 29, 2025
Gemfields Mini Ruby Auction Achieves $7M

The miner said its April sale featured a mix of commercial-quality primary rubies and secondary rubies of varying quality.

Counterfeit Van Cleef & Arpels Alhambra jewelry
CrimeApr 28, 2025
Customs Seizes Nearly 2,000 Pieces of Counterfeit Van Cleef & Arpels Jewelry

U.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.

Suzanne Kalan Tech Ring Jacket Collection
TrendsApr 28, 2025
Suzanne Kalan Launches Tech Ring Jacket Collection

Health monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.

JCK Industry Fund
Events & AwardsApr 28, 2025
JCK Industry Fund Announces 2025 Grant Recipients

Ten organizations were selected this year.

Kim Carpenter and Sam Gevisenheit
IndependentsApr 28, 2025
John Atencio Appoints 2 to Wholesale Team

Kim Carpenter and Sam Gevisenheit have joined the brand.

Sylvie Jewelry Auranova Collection Campaign Imagery
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Deborah Meyers Experience The Birds Earrings
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ Earrings

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

Melee diamonds from De Beers
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid Uncertainty

The company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.

×

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