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.
Editors' Picks
Sponsored by
More on Financials
The Latest
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
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.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
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.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
