FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Necklaces from Kering-owned Pomellato’s new “Pom Pom Dot” collection. Kering posted an 11 percent year-over-year drop in sales in Q1, though Pomellato and Boucheron had a solid quarter.
Paris—Kering posted declining sales in the first quarter as its star brand Gucci continues to struggle.
The luxury titan reported first-quarter revenue of €4.5 billion ($4.8 billion), down 11 percent year-over-year (10 percent on a comparable basis).
The company had warned investors in a preliminary results announcement in March about its expected revenue drop, attributing it to a steep sales drop at Gucci.
The brand performed poorly, particularly in the Asia-Pacific region, with first-quarter revenue falling 21 percent (18 percent on a comparable basis).
“Kering’s performance worsened considerably in the first quarter,” said Kering CEO François-Henri Pinault.
“While we had anticipated a challenging start to the year, sluggish market conditions, notably in China, and the strategic repositioning of certain of our houses, starting with Gucci, exacerbated downward pressures on our topline.”
However, its jewelry houses, which include Boucheron and Pomellato, put on a strong performance, said Kering, with revenue up double digits in the quarter.
The company’s jewelry brands fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
For the first quarter, revenue in the division totaled €824 million ($882 million), down 7 percent year-over-year (6 percent on a comparable basis).
Boucheron and Pomellato performed especially well in the Asia-Pacific region and Japan, said Kering Chief Financial Officer Armelle Poulou on the company’s earnings call Tuesday afternoon.
Boucheron led the charge as it celebrated the 20th anniversary of its “Quatre” collection, while Pomellato debuted its “Pom Pom Dot” reversible jewels collection.
Qeelin continued to expand its presence, opening four stores.
Related stories will be right here …
The luxury titan reported first-quarter revenue of €4.5 billion ($4.8 billion), down 11 percent year-over-year (10 percent on a comparable basis).
The company had warned investors in a preliminary results announcement in March about its expected revenue drop, attributing it to a steep sales drop at Gucci.
The brand performed poorly, particularly in the Asia-Pacific region, with first-quarter revenue falling 21 percent (18 percent on a comparable basis).
“Kering’s performance worsened considerably in the first quarter,” said Kering CEO François-Henri Pinault.
“While we had anticipated a challenging start to the year, sluggish market conditions, notably in China, and the strategic repositioning of certain of our houses, starting with Gucci, exacerbated downward pressures on our topline.”
However, its jewelry houses, which include Boucheron and Pomellato, put on a strong performance, said Kering, with revenue up double digits in the quarter.
The company’s jewelry brands fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
For the first quarter, revenue in the division totaled €824 million ($882 million), down 7 percent year-over-year (6 percent on a comparable basis).
Boucheron and Pomellato performed especially well in the Asia-Pacific region and Japan, said Kering Chief Financial Officer Armelle Poulou on the company’s earnings call Tuesday afternoon.
Boucheron led the charge as it celebrated the 20th anniversary of its “Quatre” collection, while Pomellato debuted its “Pom Pom Dot” reversible jewels collection.
Qeelin continued to expand its presence, opening four stores.
Revenue from Kering’s directly operated stores, which includes its e-commerce sites, was down 11 percent year-over-year on a comparable basis, impacted by lower foot traffic.
Revenue in the wholesale and “other” segment was down 7 percent on a comparable basis, as the company streamlines its distribution.
Looking at its performance by region, Kering’s sales in North America fell 11 percent year-over-year in the first quarter.
North America was Kering’s third-largest market by revenue percentage in the first quarter, accounting for 22 percent of total revenue, up from 21 percent in Q1 2023.
Japan saw the strongest growth with quarterly revenue up 16 percent.
The Asia-Pacific region saw the steepest decline, down 19 percent, which Kering attributed to “challenging, volatile market conditions.”
Sales in Western Europe were down 9 percent.
Kering operated 1,781 stores as of Q1, up from 1,771 at the end of the previous fiscal year.
Looking to the year ahead, the company expects it will continue to struggle in the first half.
“The first half of the year is proving even tougher than we expected,” said Poulou.
Kering will continue to invest in its brands, she said, but will be more selective and demanding about a return on investment.
The company is expecting a sharp drop in first-half profit, forecasting a decline of 40 to 45 percent in first-half operating income.
“All of us are working tirelessly to see Kering through the current challenges and rebuild a solid platform for enduring growth,” said Pinault.
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%
FinancialsMar 20, 2024
Signet’s Q4 Same-Store Sales Sink 10% More on Financials
The Latest
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation ProgramBen Bridge Jeweler and Lux Bond & Green were a part of the pilot program.
Weekly QuizSep 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says DeloitteIt’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
SourcingSep 15, 2025
Gemfields Achieves $32M at High-Quality Emerald AuctionIt included the sale of the 11,685-carat “Imboo” emerald that was recently discovered at Kagem.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, MontanaAssociate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite EarringsFordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley AwardGilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-ShopLocated in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for ThatThe new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to AccountAs the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. HeadphonesJacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s UmbrellaThe two organizations have finalized and signed the affiliation agreement announced in May.
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron JewelsThe single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.
