FinancialsApr 14, 2022
LVMH’s Q1 Jewelry, Watch Sales Up 24%FinancialsApr 22, 2022
Kering’s Q1 Jewelry Sales Were ‘Exceptional’
CFO Jean-Marc Duplaix said Boucheron, Pomellato, and the other jewelry brands put on an “outstanding performance.”
A hair jewel from Kering-owned Boucheron’s latest high jewelry collection, set with full-cut and rose-cut diamonds in white gold. The company’s jewelry brands performed well in the first quarter.
Paris—Kering had a stellar start to its fiscal year, reporting double-digit revenue growth for all of its luxury brands.
Here are five important takeaways from the company’s most recent earnings report.
It was a strong first quarter for Kering.
Kering posted revenue of €4.96 billion ($5.37 billion), a 27 percent increase year-over-year on a comparable basis.
The luxury conglomerate owns a slew of high-end brands, including Gucci and Yves Saint Laurent, as well as jewelry brands like Boucheron and Pomellato.
All of its brands posted double-digit year-over-year revenue growth.
Revenue from its directly operated stores was up 23 percent year-over-year and up 32 percent compared with the same period in 2019.
Online sales continued to grow during the quarter, said Kering, accounting for 15 percent of total direct sales.
“While we remain attentive to economic and geopolitical conditions, we invest in all our brands, whose attractivity will continue to fuel our growth and profitability,” said CEO François-Henri Pinault in a press release.
Kering did not provide fiscal guidance for the year ahead.
Jewelry had an “exceptional” year.
The company’s jewelry brands fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
Its jewelry portfolio includes Boucheron, Pomellato, DoDo, and Qeelin.
First-quarter revenue in the “others” division totaled €973.4 million ($1.05 billion), a 35 percent increase on a comparable basis.
In this division, retail sales were up 45 percent while wholesale revenue was up 22 percent.
“In jewelry, our houses posted outstanding performances,” said Chief Financial Officer Jean-Marc Duplaix during the company’s earnings call Thursday.
Boucheron’s sales “grew sharply in key Asian markets,” he said, and the brand also did well in Japan and Europe.
The brand’s latest high jewelry collection, “New Maharajahs,” was released earlier this year.
“Pomellato’s permanent best-sellers led the growth, and its high jewelry was extremely well-received,” said Duplaix.
“Qeelin’s sales were again very dynamic. The success of Chinese New Year mitigated recent headwinds.”
Related stories will be right here …
Here are five important takeaways from the company’s most recent earnings report.
It was a strong first quarter for Kering.
Kering posted revenue of €4.96 billion ($5.37 billion), a 27 percent increase year-over-year on a comparable basis.
The luxury conglomerate owns a slew of high-end brands, including Gucci and Yves Saint Laurent, as well as jewelry brands like Boucheron and Pomellato.
All of its brands posted double-digit year-over-year revenue growth.
Revenue from its directly operated stores was up 23 percent year-over-year and up 32 percent compared with the same period in 2019.
Online sales continued to grow during the quarter, said Kering, accounting for 15 percent of total direct sales.
“While we remain attentive to economic and geopolitical conditions, we invest in all our brands, whose attractivity will continue to fuel our growth and profitability,” said CEO François-Henri Pinault in a press release.
Kering did not provide fiscal guidance for the year ahead.
Jewelry had an “exceptional” year.
The company’s jewelry brands fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
Its jewelry portfolio includes Boucheron, Pomellato, DoDo, and Qeelin.
First-quarter revenue in the “others” division totaled €973.4 million ($1.05 billion), a 35 percent increase on a comparable basis.
In this division, retail sales were up 45 percent while wholesale revenue was up 22 percent.
“In jewelry, our houses posted outstanding performances,” said Chief Financial Officer Jean-Marc Duplaix during the company’s earnings call Thursday.
Boucheron’s sales “grew sharply in key Asian markets,” he said, and the brand also did well in Japan and Europe.
The brand’s latest high jewelry collection, “New Maharajahs,” was released earlier this year.
“Pomellato’s permanent best-sellers led the growth, and its high jewelry was extremely well-received,” said Duplaix.
“Qeelin’s sales were again very dynamic. The success of Chinese New Year mitigated recent headwinds.”
China’s COVID-19 restrictions pose a problem for Kering.
China has been tightening its restrictions to protect its citizens from a rise in COVID-19 cases.
The Asia-Pacific region accounts for the largest portion of its revenue at 37 percent, with North America right behind at 26 percent.
“We opened 2022 on a very solid first quarter in a more uncertain environment, notably impacted by tightening COVID restrictions in China since March,” said Pinault in a press release.
Gucci, a consistent bright spot on Kering’s balance sheet, had its strong growth in North America and Europe “overshadowed by its exposure to China,” said Kering, adding that it is working to “fully capture the vitality of the market.”
For North America, as well as Western Europe and Japan, overall sales growth for the company was strong, said Kering.
Watches move out as eyewear moves in.
Kering’s former watch brands, Girard-Perregaux and Ulysse Nardin, were notably missing from the “other houses” division this quarter.
Kering sold its entire stake in Sowind Group, which owns the Swiss watch manufacturers, to its current management in January.
The luxury company has been building its eyewear portfolio, growing to 16 brands, including glasses from its fashion houses as well as jewelry brands Cartier, Boucheron, and Pomellato.
Last month, Kering inked an agreement to acquire Maui Jim, a Hawaii-based sunglasses brand. The transaction is expected to close in the second half of 2022.
In July 2021, Kering Eyewear acquired Danish luxury brand Lindberg.
Kering also partnered with Richemont in March 2017 to manufacture and distribute eyewear from Cartier and other brands, making Richemont a shareholder of Kering Eyewear.
There may be new faces on Kering’s board.
At a March 4 meeting, Kering’s board of directors, alongside its Appointments and Governance Committee, affirmed some changes to the board while putting others up for a vote.
Sophie L’Hélias, an expert on Environmental, Social, and Governance (ESG) issues, resigned, which the board confirmed. Marketing expert Yseulys Costes’ term of office was not renewed.
Daniela Riccardi, CEO of French luxury brand Baccarat and an independent director on Kering’s board, will have her term of office renewal put up for a vote at the board’s annual general meeting on April 28.
Véronique Weill, Yonca Dervisoglu, and Serge Weinberg were appointed as independent directors, but will need the board’s vote of approval at the meeting later this month.
More on Financials
The Latest
Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
