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
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
CrimeOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
