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
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
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.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
Weekly QuizAug 20, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
Events & AwardsAug 24, 2026
Rio Grande, MetalWerx Host Argentium Silver WorkshopThe class, led by renowned metalsmith Cynthia Eid, highlighted Argentium silver as an alternative to gold amid high prices.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 24, 2026
JIS Miami Opens Fall 2026 RegistrationThe show is slated for Oct. 16-19 at the Miami Beach Convention Center.
CollectionsAug 24, 2026
Francesca Villa Honors Napoleon, His Empresses In New CapsuleThe “Empresses” capsule uses 19th-century medals depicting Napoleon, Joséphine, and Marie-Louise across five one-of-a-kind pieces.
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
MajorsAug 20, 2026
Plumb Club Elects 2026-2027 BoardSteven Lerche is now beginning his term as the youngest member to become president of The Plumb Club’s elected executive committee.
MajorsAug 19, 2026
Mike Alexander To Succeed Scott Murphy as Jewelers Mutual CEO Murphy will retire at the end of the year and Alexander, currently the company’s president, will take over at the start of 2027.
Policies & IssuesAug 19, 2026
Spinelli Kilcollin Embraces Dupes With Trade-In ProgramThe jeweler is encouraging customers who own lookalike rings to come into the store and trade them for credit towards an authentic piece.
MajorsAug 19, 2026
Zales Wants You to Wear Fine Jewelry Every DayThe new campaign, “You Are The Occasion,” discourages shoppers from saving their fine jewelry for special occasions only.
SourcingAug 19, 2026
Vasant Mehta, a Dedicated Diamond Industry Leader, Dies at 81Mehta led India’s GJEPC through the 2008 financial crisis and was respected worldwide for his wisdom, integrity, and knowledge.
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner’s Tequila Brand Collab on GiveawayThe jeweler has partnered with 818 Tequila to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
