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
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
SourcingJan 21, 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.
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.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
Weekly QuizJan 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
SourcingJan 15, 2026
Nearly 42-Carat Blue Diamond Discovered in South AfricaPetra Diamonds unearthed the 41.82-carat, Type IIb blue diamond at the Cullinan Mine.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
CrimeJan 13, 2026
Alleged Getaway Driver Charged in Florida Jewelry Store RobberyIvel Sanchez Rivera, 52, has been arrested and charged in connection with the armed robbery of Tio Jewelers in Cape Coral, Florida.
