FinancialsOct 11, 2023
LVMH Posts Muted Q3 Growth, Jewelry Sales SlowFinancialsOct 25, 2023
Kering’s Q3 Sales Slide Amid Luxury Sales Slowdown
However, the company’s jewelry brands seemed to hold their own.
The rose and white gold “Triennale” ring from Pomellato is set with a diamond and a tanzanite. Pomellato is one of the three jewelry brands Kering owns.
Paris—The recent slowdown in spending on luxury goods hit Kering in the third quarter, though the three jewelry brands owned by the luxury conglomerate seemed to hold their own.
On Tuesday, the company reported a 13 percent decline in sales (9 percent on a comparable basis) to €4.46 billion ($4.72 billion).
Wholesale sales (down 20 percent on a comp basis) fell more sharply than revenue from the stores Kering operates directly (down 6 percent).
The company said it saw a decline in foot traffic in its stores in Q3. It also has been tightening control over its wholesale distribution.
Year-to-date, Kering’s sales have totaled €14.6 billion ($15.43 billion), down from €15.07 billion ($15.94 billion) at this time last year, a 3 percent decline.
“Other Houses,” the Kering division that includes its jewelry brands as well as fashion brands Balenciaga, Alexander McQueen and Brioni, posted the largest quarterly decline of any of the company’s divisions.
Sales fell 19 percent (15 percent on a comp basis), though the luxury conglomerate had only positive comments about its three jewelry brands, Boucheron, Pomellato, and Qeelin.
It said Boucheron had a “positive performance” due to both its high jewelry and regular jewelry collections while Pomellato achieved “solid growth” in stores and Qeelin “showed excellent momentum.”
Related stories will be right here …
On Tuesday, the company reported a 13 percent decline in sales (9 percent on a comparable basis) to €4.46 billion ($4.72 billion).
Wholesale sales (down 20 percent on a comp basis) fell more sharply than revenue from the stores Kering operates directly (down 6 percent).
The company said it saw a decline in foot traffic in its stores in Q3. It also has been tightening control over its wholesale distribution.
Year-to-date, Kering’s sales have totaled €14.6 billion ($15.43 billion), down from €15.07 billion ($15.94 billion) at this time last year, a 3 percent decline.
“Other Houses,” the Kering division that includes its jewelry brands as well as fashion brands Balenciaga, Alexander McQueen and Brioni, posted the largest quarterly decline of any of the company’s divisions.
Sales fell 19 percent (15 percent on a comp basis), though the luxury conglomerate had only positive comments about its three jewelry brands, Boucheron, Pomellato, and Qeelin.
It said Boucheron had a “positive performance” due to both its high jewelry and regular jewelry collections while Pomellato achieved “solid growth” in stores and Qeelin “showed excellent momentum.”
Kering’s other brands, Gucci, Yves Saint Laurent and Bottega Veneta, also posted third-quarter sales declines.
Gucci’s sales fell 14 percent (7 percent on a comp basis), YSL’s sales were down 16 percent (12 percent on a comp basis), and revenue for Bottega Veneta declined 13 percent (7 percent on a comp basis).
Kering Chairman and CEO François-Henri Pinault said challenging macroeconomic conditions and a decrease in demand for luxury goods impacted the company’s Q3 performance.
He also mentioned the changes the company made beginning in July to “reclaim our positions and influence” as a contributing factor.
These include appointing Jean-François Palus as president and CEO of Gucci; buying a 30 percent stake in Valentino; appointing a new chief financial officer, Armelle Poulou; and Seán McGirr replacing Sarah Burton as creative director at Alexander McQueen.
More on Financials
The Latest
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
