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
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
