FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%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.
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.
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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.
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.
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