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
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Weekly QuizJan 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
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.
SourcingJan 22, 2026
De Beers To Release ‘A Diamond Is Forever’ BookIt explores the history of the iconic tagline and the company’s strategy to redefine the role of diamonds in society.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
SourcingJan 21, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
