Boucheron, Pomellato Post ‘Outstanding' Year for Kering
The luxury titan’s revenue was up 15 percent year-over-year, though sales slipped in the fourth quarter.

Its jewelry houses, which include Boucheron and Pomellato, had an “outstanding” year, noted the company.
Here are four important takeaways from the luxury titan’s most recent earnings report.
It was a good year for Kering, but a rough fourth quarter.
The luxury conglomerate owns several high-end brands, including Gucci and Yves Saint Laurent, as well as jewelry brands Boucheron and Pomellato.
Kering posted full-year revenue of €20.35 billion ($21.75 billion), up 15 percent year-over-year.
Revenue from its directly operated stores, which includes its e-commerce sites, was up 10 percent year-over-year on a comparable basis, driven by gains in Western Europe and Japan.
However, in the fourth quarter, revenue slipped 2 percent to €5.28 billion ($5.65 billion).
Kering noted mixed performances among its houses and regions.
Its star brand, Gucci, saw sales increase 8 percent for the full year, but fall 14 percent in the fourth quarter. Sales at the brand’s stores were down 15 percent, “significantly affected” by the COVID-19 situation in China during the quarter.
“All our houses posted record revenues and contributed to higher operating income in 2022. But these good performances were not uniformly up to our ambitions and potential,” said CEO François-Henri Pinault.
“Beyond the challenges some of our houses faced, notably towards the end of the year, we are convinced that we are pursuing the right strategy for the long term.”
Jewelry sales were strong in 2022.
The company’s jewelry brands fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
Its jewelry portfolio consists of Boucheron, Pomellato, DoDo, and Qeelin.
For the full year, revenue in the division totaled €3.87 billion ($4.14 billion), an 18 percent increase.
Growth was driven by Kering’s directly operated retail network, with sales up 27 percent on a comparable basis. Wholesale revenue slipped 6 percent.
In the fourth quarter, revenue in the division fell 3 percent to €951 million ($987 million).
In its directly operated stores, quarterly sales were up 2 percent, with double-digit growth in Western Europe and Japan. Wholesale revenue fell 26 percent.
“Kering’s jewelry houses once again achieved outstanding progress and reached significant milestones. Boucheron posted firm, steady growth, while Pomellato continued to perform well in Western Europe and Japan. Finally, Qeelin grew at a rapid pace,” said the company.
Sales in North America were on the rise.
North America is Kering’s second-largest market, tied with Western Europe, and accounts for 27 percent of its annual revenue.
In 2022, sales in North America were up 5 percent year-over-year.
Asia-Pacific is the company’s largest market, comprising 33 percent of revenue, though sales in the region were down 8 percent for the full year.
Western Europe saw the strongest growth with revenue up 36 percent this year followed by Japan at 25 percent.
Kering has a positive outlook for 2023 despite an “uncertain” environment.
Though Kering did not share specific fiscal guidance for the year ahead, its CEO expressed confidence in the company’s performance.
Kering is able to “nurture the desirability and exclusivity of our brands, so they all achieve market positions commensurate with their unique heritage and recognized creativity,” said Pinault.
“In an environment that remains uncertain, I have no doubt that 2023 will be another year of success for our houses and of growth for our group.”
Kering said its two main goals for the year is to maintain its profitable growth trajectory and affirm its status as an influential group in the luxury world.
The Latest

This year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.

As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.

Discover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

The “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.


The entrepreneur and “Shark Tank” star will share his top tips for success.

Two existing executives have been given new roles.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Meredith Tiderington, an electrical engineering student, was selected for the award.

It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.

Her new role is director of strategic initiatives.

The designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.

The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.

The actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.

The company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."

The large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.

Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.

Those born in June have a myriad of options for their birthstone jewelry.

The diamond industry veteran has been named its senior sales executive.

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Sponsored by Stuller

It was featured in the miner’s latest sale, which brought in $24.8 million.