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.
Editors' Picks
Sponsored by
More on Financials
The Latest
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
Weekly QuizJan 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
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.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in TucsonThe new addition will feature finished jewelry created using “consciously sourced” gemstones.
ColumnistsJan 28, 2026
Peter Smith: Setting the Next Generation Up for SuccessIn his new column, Smith advises playing to your successor's strengths and resisting the urge to become a backseat driver.
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in JanuaryThe index fell to its lowest level since May 2014 amid concerns about the present and the future.
IndependentsJan 28, 2026
Foundrae Heads to Aspen for Latest Store OpeningThe new store in Aspen, Colorado, takes inspiration from a stately library for its intimate yet elevated interior design.
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal DiamondsThe collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana SapphiresThe initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking ToolThe new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.
SourcingJan 26, 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.
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.
MajorsJan 26, 2026
Francesca’s To Close All StoresThe retailer operates more than 450 boutiques across 45 states, according to its website.
MajorsJan 26, 2026
BIJC Names 5 New Board MembersThe new members’ skills span communications, business development, advocacy, and industry leadership.
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love StoriesThe jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.
GradingJan 26, 2026
DCA Updates Colored Gemstone CourseThe new features include interactive flashcards and scenario-based roleplay with AI tools.
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.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
