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.
More on Financials
The Latest
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
