FinancialsOct 12, 2022
Tiffany & Co., Bulgari Drive Jewelry Growth for LVMHFinancialsOct 21, 2022
Kering Sees Q3 Sales Rise 23% in ‘Increasingly Complex Environment’
Sales for the division that includes the company’s jewelry brands rose 17 percent, fueled by company-owned stores, not wholesale.
A diamond, rock crystal, and white gold ring from Boucheron’s “New Maharajas” high jewelry collection, released earlier this year. Kering owns Boucheron as well as Pomellato, DoDo, and Qeelin, with sales in the division that includes these luxury jewelry brands up 17 percent in Q3.
Paris—Kering recorded “very solid” growth in the third quarter in what Chairman and CEO François-Henri Pinault described as a “increasingly complex” operating environment.
The luxury conglomerate reported Thursday that group revenue rose 23 percent year-over-year (14 percent on a comparable basis) to €5.14 billion ($5 billion).
In the company’s Other Houses division, the division that includes its jewelry brands, revenue rose 17 percent year-over-year (13 percent on a comparable basis) to €995 million ($967.4 million).
Boucheron and Pomellato recorded “very good performances” while Hong Kong-headquartered brand Qeelin “held out well against the complex operating environment in China,” Kering said, a reference to the ongoing strict COVID measures in place.
Revenue growth from directly operated stores fueled the Other Houses division’s positive performance, with revenue up 43 percent, compared with a 25 percent drop in wholesale sales.
Kering, like other luxury conglomerates, noted that it continues to focus more on its company-operated stores rather than wholesale channels.
On a region-by-region basis, North America recorded the lowest year-over-year sales growth by far, with revenue growing only 1 percent, compared with 74 percent in Western Europe and 31 percent in Japan.
However, Kering noted that North America was up against high comps from last year and a lot of Americans spent money as tourists in Europe, helping to fuel that region’s “outstanding” growth.
Related stories will be right here …
The luxury conglomerate reported Thursday that group revenue rose 23 percent year-over-year (14 percent on a comparable basis) to €5.14 billion ($5 billion).
In the company’s Other Houses division, the division that includes its jewelry brands, revenue rose 17 percent year-over-year (13 percent on a comparable basis) to €995 million ($967.4 million).
Boucheron and Pomellato recorded “very good performances” while Hong Kong-headquartered brand Qeelin “held out well against the complex operating environment in China,” Kering said, a reference to the ongoing strict COVID measures in place.
Revenue growth from directly operated stores fueled the Other Houses division’s positive performance, with revenue up 43 percent, compared with a 25 percent drop in wholesale sales.
Kering, like other luxury conglomerates, noted that it continues to focus more on its company-operated stores rather than wholesale channels.
On a region-by-region basis, North America recorded the lowest year-over-year sales growth by far, with revenue growing only 1 percent, compared with 74 percent in Western Europe and 31 percent in Japan.
However, Kering noted that North America was up against high comps from last year and a lot of Americans spent money as tourists in Europe, helping to fuel that region’s “outstanding” growth.
While Kering’s Other Houses division continued to post double-digit year-over-year revenue growth, it was not the luxury conglomerate’s top performer.
With comp sales of growth of 13 percent, it lagged Yves Saint Laurent (up 30 percent), Bottega Veneta (up 14 percent), and the newly renamed Kering Eyewear and Corporate division (up 23 percent), but topped Kering’s biggest brand, Gucci. Year-over-year comp sales for the brand rose only 9 percent.
Commenting on the company’s performance, Pinault said: “Kering’s solid performances in the third quarter underscore the strength of the group and the pertinence of our strategy … Our ongoing focus on the exclusivity of our brands and on the quality of their distribution are yielding very positive results and reinforce their positioning in their key markets.
“In an increasingly complex environment, we maintain the required flexibility to support our profitability and sustain our investments in the long-term outlook of all our houses, Gucci first and foremost. We are as confident as ever in the potential and prospects of the group.”
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
