Financials

Boucheron, Pomellato Post Double-Digit Growth in Q2

FinancialsJul 25, 2024

Boucheron, Pomellato Post Double-Digit Growth in Q2

The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.

Pomellato Malachite Pom Pom Dot bracelet
A malachite and diamond bracelet from Pomellato’s “Pom Pom Dot” collection, launched earlier this year. Pomellato and Boucheron were bright spots for Kering in an otherwise underwhelming first half of the year.
Paris—Boucheron and Pomellato bucked the trend at parent company Kering in the second quarter, which recorded a double-digit decline in total sales.

The Paris-based luxury conglomerate reported Wednesday that total sales in the first half of the fiscal year were €9.02 billion ($9.78 billion) compared with €10.14 billion ($10.99 billion) in H1 2023, an 11 percent year-over-year decline.

Recurring operating income plummeted 42 percent, totaling €1.58 billion compared with €2.74 billion a year ago. 

Group sales also dropped 11 percent in the second quarter, declining at both the stores Kering owns and operates (down 12 percent due to lower store traffic) and its wholesale partners (down 6 percent).  

Kering continues to feel the effects of stalled sales at Gucci, its flagship brand that accounts for nearly half of total sales.

 Related stories will be right here … 

While Kering as a whole struggled in the first half of 2024, its biggest jewelry brands continue to outperform.

Boucheron and Pomellato, along with Dodo and Qeelin, are part of the company’s Other Houses division, which also includes Balenciaga, Alexander McQueen, and Brioni.

In the first half of 2024, revenue in Other Houses fell 7 percent (6 percent on a comparable basis) to €1.72 billion ($1.84 billion).

Sales at the stores Kering owns and operates in this division rose 1 percent on a comparable basis in the first half while wholesale revenue dropped 21 percent.

Recurring operating income in the division fell 80 percent to €44 million compared with €224 million in the first half of 2023.

Kering said Boucheron delivered significantly higher operating income but that was offset by communication investments at Balenciaga and the ongoing transition at Alexander McQueen following the exit of longtime Creative Director Sarah Burton in September 2023.
 
The division’s brands stabilized a bit in the second quarter, with sales down 5 percent in the Other Houses division.

Boucheron and Pomellato posted double-digit sales growth in the second quarter.

Sales at directly owned and operated stores in the Other Houses division were flat in the second quarter, while wholesale revenue was down 16 percent.

Like LVMH, which reported its H1 results Tuesday, Kering noted the instability of the current economic and geopolitical environment, which includes the wars in Ukraine and Gaza, sanctions on Russia, a slowdown in spending in China, and the pending and consequential presidential election in the United States. 

In light of the uncertainties that are weighing on luxury consumers, Kering said operating income could slide as much as 30 percent year-over-year in the second half of 2024.  

The Latest

Bea Bongiasca Animali Tarallo Collection Royal Blue Tang Fish “Dory”
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a Zoo

The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.

Neiman Marcus Downtown Dallas store
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For Now

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

Natural color diamonds on display at Smithsonian National Museum of History
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C.

Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

Jewelers of America logo
Policies & IssuesApr 02, 2025
Jewelers of America to Hold Webinar on Tariffs

The virtual event will take place April 7 at 3 p.m.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Punchmark
Events & AwardsApr 02, 2025
Punchmark to Host Client Workshop

The educational event will take place in Charlotte, North Carolina, this May.

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

QVC Group Inc. logo
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Eggs on a shelf
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ Outlook

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Richard Rainsford memorial ring
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy