FinancialsFeb 08, 2024
5 Things to Know About Pandora’s Latest ResultsFinancialsFeb 09, 2024
Jewelry Cited as a Bright Spot in ‘Trying’ Year for Kering
The luxury conglomerate owns Boucheron, Pomellato, DoDo, and Qeelin.
A pair of tourmaline and tanzanite earrings from “Vertical Landscapes,” a 2023 high jewelry collection from Kering-owned brand Pomellato. The luxury conglomerate said its jewelry brands experienced double-digit sales growth in the fourth quarter.
Paris—Kering saw sales and profits decline in what its CEO described as a “trying” year for the luxury conglomerate, though its jewelry branded ended the year on a strong note.
Kering owns Boucheron, Pomellato, DoDo, and Qeelin. The brands are part of a division called “Other Houses,” which also includes Balenciaga, Alexander McQueen, and Brioni.
In 2023, revenue from the division totaled €3.5 billion ($3.77 billion), down 9 percent as reported year-over-year and 8 percent on a comparable basis.
Sales from the brands’ directly operated retail stores in the division rose 3 percent, while wholesale sales fell 29 percent.
While Kering does not break out results individually for brands in Other Houses, the company said its jewelry brands, “maintained their excellent momentum, with double-digit growth in the fourth quarter, driven by the success of all collections.”
Related stories will be right here …
Kering owns Boucheron, Pomellato, DoDo, and Qeelin. The brands are part of a division called “Other Houses,” which also includes Balenciaga, Alexander McQueen, and Brioni.
In 2023, revenue from the division totaled €3.5 billion ($3.77 billion), down 9 percent as reported year-over-year and 8 percent on a comparable basis.
Sales from the brands’ directly operated retail stores in the division rose 3 percent, while wholesale sales fell 29 percent.
While Kering does not break out results individually for brands in Other Houses, the company said its jewelry brands, “maintained their excellent momentum, with double-digit growth in the fourth quarter, driven by the success of all collections.”
Overall, Kering’s 2023 sales totaled €19.57 billion ($21.09 billion), down 4 percent as reported and 2 percent on a comparable basis, dragged down by a 6 percent drop in sales at its biggest brand, Gucci.
Recurring operating income fell 15 percent to €4.7 billion ($4.92 billion). Operating margin was 24.3 percent in 2023 compared with 27.5 percent in 2022.
Kering said sales at the stores it owns and operates were stable on a comparable basis, but wholesale sales and other revenue fell 11 percent, as the company continued to divert more resources to its own network of stores.
In the fourth quarter, sales were down 6 percent as reported and 4 percent on a comparable basis.
Sales from the directly operated retail network slipped 2 percent.
“In a trying year for the group, we strengthened our organization and took significant steps to further enhance the visibility and exclusivity of our houses,” Kering Chairman and CEO François-Henri Pinault said.
He said the company is focused on “revitalizing” Gucci, while describing the market environment as “uncertain” in 2024.
Editors' Picks
Sponsored by
More on Financials
The Latest
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
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.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
Weekly QuizJul 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaThe yet-to-be named stone is the 10th diamond weighing more than 1,000 carats to come out of Lucara’s Karowe mine.
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
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.
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
SourcingJul 13, 2026
De Beers Announces Potential Layoffs, 2-Year Production Pause at VenetiaThe diamond miner and marketer is undergoing another round of cost-cutting measures ahead of its sale by Anglo American.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
Events & AwardsJul 13, 2026
AGTA Accepting Entries for Spectrum 2026AGTA also has announced the lineup of judges for the colored gemstone cutting and jewelry design contest’s various categories.
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
