FinancialsJul 27, 2022
High Jewelry Shines in First Half for LVMH FinancialsJul 28, 2022
Boucheron, Pomellato Deliver ‘Very Solid’ Performances for Kering
Revenue for the group that includes Kering’s jewelry brands grew 32 percent in the first half of 2022.
The 18-karat rose gold malachite and black diamond “Deep Forest” ring from Pomellato, one of four jewelry brands luxury conglomerate Kering owns. The company said both Pomellato and Boucheron delivered solid performances in the first half of the year.
Geneva—Like competitor LVMH, Kering recorded a solid first half, with the luxury sales momentum from the second half of 2020 and the full-year 2021 spilling over into 2022.
The Geneva-based luxury conglomerate reported Wednesday that first-half 2022 revenue rose 23 percent year-over-year (16 percent on a comparable basis) to €9.93 billion ($10.09 billion).
Compared to the first half of 2019, prior to the pandemic, sales were up 28 percent on a comparable basis.
Net income rose 34 percent to €1.99 billion ($2.02 billion).
In the second quarter, Kering saw sales increase 20 percent (12 percent on a comparable basis), the difference mainly due to currency effects, the company said.
Chairman and CEO François-Henri Pinault said the company has sustained last year’s top-line momentum, with performances in markets worldwide strong enough to offset the slowdown in China due to COVID-19 lockdowns. He also noted that Kering is leveraging the rebound in tourism in Europe.
“In a period of heightened macro uncertainty, Kering is in great shape to surmount short-term challenges, take advantage of new opportunities, and support the ambitious strategies and tremendous prospects of all our brands,” Pinault said.
Kering includes results for the jewelry brands it owns—Boucheron, Pomellato, DoDo and Qeelin—under “Other Houses.” (The luxury conglomerate also used to own watch brands Girard-Perregaux and Ulysse Nardin but sold them earlier this year.)
In the first half of the year, Kering’s Other Houses saw revenue grow 32 percent (29 percent on a comparable basis) year-over-year to €1.96 billion ($1.99 billion).
In the Other Houses stores Kering operates directly, sales were up 38 percent while wholesale sales grew 16 percent year-over-year.
Income from recurring operations increased 71 percent to €337 million ($342 million).
In the second quarter, sales for Other Houses were up 28 percent (24 percent on a comparable basis).
Commenting on its jewelry brands, Kering said that Boucheron and Pomellato delivered “very solid” performances, while Qeelin had a slow second quarter due to COVID lockdowns in China.
Looking ahead to the remainder of 2022, the company said: “In an increasingly uncertain macroeconomic context, the group is continuing to implement its strategy with determination and will continue to manage and allocate its resources to best support its operating performance, continue generating significant cash flow, and optimize its return on capital employed.
“Thanks to its strong business and organizational model, along with its robust financial position, Kering remains confident in its growth potential for the medium and long term.”
More on Financials
The Latest
GradingMay 26, 2023
State of the Diamond Industry: AI and the Future of Diamond GradingGemologists have long used machines in diamond grading but technology has made it possible for them to “learn” how to do it on their own.
Recorded WebinarsMay 26, 2023
Watch: Diamond Cut Quality: The Final Frontier Part 2Supplier Spotlight Sponsored by IGI
Recorded WebinarsMay 26, 2023
Natural and Lab-Grown Diamonds: What It’s Like to Sell Both Watch retailers Jeffery Bolling and Bobby Bengivengo discuss employee training, customer education and the sticky subject of future value.
Brought to you by
The Next Step for GIA Diamond ReportsThe most trusted diamond report, available in print or the GIA App.
AuctionsMay 26, 2023
Piece of the Week: A Bulgari Sapphire and Diamond NecklaceSet with a 118-carat unheated Sri Lankan sapphire, it just sold for $3.4 million at Phillips jewelry auction in Hong Kong.
Weekly QuizMay 25, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
Supplier BulletinMay 25, 2023
RAE Fine Jewelry Collection Debuting at JCK Luxury 2023Sponsored by Noam Carver
TechnologyMay 25, 2023
State of Retail: Why Jewelers Need to Invest in Cybersecurity NowAs cybercrime incidents threaten the industry, jewelers need to know what they’re up against and the best ways to protect their businesses.
Brought to you by
Beyond Borders: Crucial Factors in Colored Stone Origin DeterminationNavigate origin determination with Continuing Education seminars offered by the GIA Alumni Collective™.
IndependentsMay 25, 2023
Louis Anthony Jewelers Is Remodeling and ExpandingThe Pittsburgh jeweler is redoing the lighting and showcases, and adding a full hospitality bar as well as new shop-in-shops.
SourcingMay 25, 2023
David Yurman Unveils Quartz Exhibition at AMNH The Yurman Family Crystalline Pass is inside the museum’s brand-new Richard Gilder Center.
MajorsMay 25, 2023
Stanley Zale Joins Hill & Co. as Principal Consultant Zale has more than 40 years’ experience in the diamond industry, including 17 years as Stuller’s VP of diamonds and gemstones procurement.
Events & AwardsMay 24, 2023
New To-Dos in Las Vegas During Jewelry Market Week 2023The Strip is full of new restaurant and entertainment offerings.
TrendsMay 24, 2023
State of Design: The Jewelry Design Trends to Know NowNational Jeweler’s senior editor covering fashion, trends, and design highlights the latest looks in the market.
EditorsMay 24, 2023
How Jewelers Can Make the Most of ChatGPTFrom what ChatGPT is to how to use it, this is the explainer tailored to jewelers.
AuctionsMay 23, 2023
Christie’s to Auction 127-Carat ‘Light of Peace’ DiamondThe D-color, internally flawless, Type IIa stone will be offered without reserve.
ColumnistsMay 23, 2023
Squirrel Spotting: The Case of the Pricey Repair When it comes to pricing jewelry repairs, you should start by asking a simple question about the piece at hand, Peter Smith writes.
IndependentsMay 23, 2023
Pat Henneberry Joins VeerThe industry veteran will serve as the diamond jewelry supplier’s head of business development.
MajorsMay 23, 2023
Bruce Rubin Joins Frederick GoldmanHe is the company’s new senior vice president of sales and business development.
MajorsMay 23, 2023
New Approach School for Jewelers Announces Gemvision PartnershipThe Tennessee school’s CAD Academy is now offering training in Gemvision’s MatrixGold software.
GradingMay 22, 2023
Blackstone Officially Inks Deal to Acquire IGIBlackstone is buying the 80 percent stake in the lab owned by a Chinese company as well as the 20 percent held by the Lorie family.
SourcingMay 22, 2023
State of the Colored Stone Market: Dropping Some Valuable GemsIn a collection of Q&As, key players give insight on supply, demand, the importance of origin, and whether the “Color of the Year” matters.
SourcingMay 22, 2023
De Beers Consolidates Auctions as Diamond Sales Lose Steam The company confirmed it will be combining the auctions for the fifth and sixth sales cycles into one.
MajorsMay 22, 2023
Stuller Promotes Four Employees Amid Organizational UpdateAmong other changes, Stanley Zale, the former vice president of diamonds and gemstones, is leaving the company after 17 years.
MajorsMay 22, 2023
AGS Confirms Members of 2023-2024 Board of DirectorsOne new addition was announced at the Conclave membership breakfast.
AuctionsMay 19, 2023
It’s a White-Glove Sale for JAR Jewels at Christie’sThe 28-piece collection is the largest to be offered at auction.
GradingMay 19, 2023
Report: Blackstone to Buy IGI for Up to $550MThe deal could be signed as early as this weekend, according to a report by The Economic Times.
CollectionsMay 19, 2023
Piece of the Week: Marie Lichtenberg’s ‘Check’ LocketIt’s an ultra-luxurious version of the designer’s signature style.
