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
SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner LucapaThe investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
