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
IndependentsDec 07, 2022
How Daniel’s Jewelers Has Lasted 70+ Holiday SeasonsIn a Q&A, CEO David Sherwood shares some company history, the secret to success during the busiest time of year, and more.
TrendsDec 07, 2022
Amanda’s Style File: December BluesJewelers of America’s Amanda Gizzi spotlights her favorite turquoise, tanzanite, and zircon December birthstone jewelry.
IndependentsDec 07, 2022
The Radiance Lands at Marissa CollectionsThe retailer is now selling the 13 diamond jewelry capsule collections created by BIPOC designers on its website.
Brought to you by
How To Buy Colored GemstonesGive your customers the full gemstone buying experience by using the 6C's.
AuctionsDec 07, 2022
Christie’s Magnificent Jewels Auction Totals Nearly $59M in New YorkAfter a 13-carat pink diamond was pulled ahead of the sale, blue and colorless diamonds reigned supreme.
Weekly QuizDec 01, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
TrendsDec 06, 2022
Pantone’s 2023 Color of the Year Is A Lot Like Rubellite, Spinel, Ruby“Viva Magenta” easily finds its colored gemstone counterparts.
AuctionsDec 06, 2022
Jewels from the Sunken ‘Ship of Gold’ Smash Auction EstimatesHolabird Western Americana Collections offered hundreds of treasures recovered from the S.S. Central America in its Dec. 3 sale.
Brought to you by
Knowledge and Skills for Today’s Hot TopicsFrom laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.
ColumnistsDec 06, 2022
The Smart Lab: 6 Holiday Email Marketing Strategies To Boost SalesFrom creating catchy subject lines to retargeting abandoned carts, Emmanuel Raheb has a half-dozen pieces of email marketing advice.
IndependentsDec 06, 2022
CD Peacock Names VP of Client Engagement, ExperienceQi Holtzman is a member of the second generation to run the family-owned Chicago area jeweler.
IndependentsDec 05, 2022
Holocaust Survivor and Jeffrey Mann Jewelers Matriarch Rena Mann Dies Mann, who opened the Ohio jewelry store with her husband and son in 1984, was 95.
TechnologyDec 05, 2022
Timex Ticks into the Metaverse with Bored Ape Yacht ClubThe watch brand will create 500 custom timepieces for holders of Bored Ape Yacht Club NFTs.
EditorsDec 05, 2022
Meet Jewelry’s First TikTok StarWhen it comes to translating luxury into the social media platform’s approachable style, JewelsWithJules has cracked the code.
Events & AwardsDec 05, 2022
WJA Foundation Awards Nearly $60K in Scholarships for 2022-2023Scholarship winners received awards in six different categories.
SourcingDec 02, 2022
Alrosa CEO Sergey Ivanov to Step Down, Report SaysAccording to Russian news sources, the sanctioned head of the diamond company is leaving to take a job with an investment group.
SourcingDec 02, 2022
Lucapa Sells 170-Carat Pink Diamond Unearthed This SummerSaid to be the largest pink diamond found in hundreds of years, “The Lulo Rose” was sold for an undisclosed sum.
AuctionsDec 02, 2022
Here’s How 2 Royal Jewels Performed at Auction in DenmarkA princess’s tiara fell within its pre-sale estimate while an Art Deco bracelet from a queen doubled it.
CollectionsDec 02, 2022
Piece of the Week: Foundrae’s Chain A closer look at the bold links reveals a subtle, surprising detail.
Supplier BulletinDec 01, 2022
Take Your Jewelry Design Process Digital with the GIA Alumni Collective™Sponsored by GIA Alumni Collective™
WatchesDec 01, 2022
Rolex to Certify Pre-Owned WatchesRetailers within its official distribution network will be able to sell the authenticated timepieces.
CollectionsDec 01, 2022
Kendra Scott’s New Collection is for Barbie GirlsThe capsule collection combines the brand’s classic styles with Barbie’s signature pink color.
AuctionsDec 01, 2022
13-Carat Pink Diamond Withdrawn From Christie’s Auction The auction house is not offering any details on why the fancy vivid pink stone was pulled from its upcoming “Magnificent Jewels” sale.
SourcingDec 01, 2022
Nomad’s Is Selling Its Stones to Raise Money for Ukraine AgainIn the spirit of an advent calendar, “Gems to Help Ukraine” will sell a stone a day through Dec. 24 on the Nomad’s Instagram account.
GradingDec 01, 2022
PhotoScribe Granted Patent for Method that Verifies a Stone’s IdentificationThe secure mark combines an overt mark with a covert data set to provide assurance on a gem.
SurveysNov 30, 2022
5 Things Retailers Should Know About the Start to the Holiday SeasonPlus, what a potential rail strike would mean for retailers.
WatchesNov 30, 2022
Watchfinder & Co. Will Launch a Marketplace Next Year It will provide a place for select luxury watch retailers to sell their stock.
MajorsNov 30, 2022
Pomellato Buys Into Italian GoldsmithThe brand has purchased a minority stake in Costanzo & Rizzetto.
