FinancialsFeb 10, 2023
Watches of Switzerland’s U.S. Sales Continue Climbing in Q3FinancialsFeb 15, 2023
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.
Pictured here is a diamond and emerald earring from Kering-owned Boucheron’s “New Maharajahs” high jewelry collection. Kering’s jewelry brands put on a strong performance in 2022, as per the company’s recent full-year results.
Paris—Kering posted strong full-year results Wednesday morning despite a mixed 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.
Related stories will be right here …
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.
Editors' Picks
Sponsored by
More on Financials
The Latest
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
