FinancialsOct 16, 2024
LVMH Jewelry, Watch Sales Down 5 Percent So Far This Year FinancialsOct 24, 2024
Kering’s Jewelry Brands ‘More Resilient’ Than Other Luxury Goods in Q3
Sales fell 15 percent for the luxury conglomerate in the third quarter, led by a 26 percent drop in sales for flagship brand Gucci.
A model wears pieces from “The Power of Couture,” the 24-piece high jewelry collection Boucheron released in January. Boucheron is part of Kering, and the luxury conglomerate saw sales fall 15 percent in the third quarter.
Paris—Kering said faltering consumer confidence, lower in-store traffic, and a “soft summer” in Western Europe were among the factors impacting sales in the third quarter.
The Paris-headquartered luxury conglomerate reported Wednesday that sales totaled €3.79 billion ($4.21 billion), down 15 percent year-over-year as reported (16 percent on a comparable basis).
Year-to-date, Kering’s sales are down 12 percent both as reported and on a comparable basis.
Sales at the stores Kering owns and operates fell 17 percent year-over-year on a comparable basis, while wholesale and other revenue dropped 12 percent.
Region-wise, sales fell most sharply in Asia-Pacific, impacted by the drop-off in luxury sales in China.
Sales in the region fell 30 percent in Q3 for Kering and were down 15 percent in North America and 11 percent in Western Europe.
Sales increased in Japan (up 3 percent) and other countries (up 2 percent).
North America now accounts for 23 percent of Kering’s total sales, up 1 percent year-over-year.
Earlier this year, Kering appointed a new head of Kering Americas. Ewa Abrams was promoted from general counsel to president of Kering Americas, effective Aug. 1.
Related stories will be right here …
The Paris-headquartered luxury conglomerate reported Wednesday that sales totaled €3.79 billion ($4.21 billion), down 15 percent year-over-year as reported (16 percent on a comparable basis).
Year-to-date, Kering’s sales are down 12 percent both as reported and on a comparable basis.
Sales at the stores Kering owns and operates fell 17 percent year-over-year on a comparable basis, while wholesale and other revenue dropped 12 percent.
Region-wise, sales fell most sharply in Asia-Pacific, impacted by the drop-off in luxury sales in China.
Sales in the region fell 30 percent in Q3 for Kering and were down 15 percent in North America and 11 percent in Western Europe.
Sales increased in Japan (up 3 percent) and other countries (up 2 percent).
North America now accounts for 23 percent of Kering’s total sales, up 1 percent year-over-year.
Earlier this year, Kering appointed a new head of Kering Americas. Ewa Abrams was promoted from general counsel to president of Kering Americas, effective Aug. 1.
Kering owns Pomellato, Dodo, Qeelin, and Boucheron, which opened its first U.S. store in September. The 3,900-square-foot store is located on Madison Avenue.
The brands are part of the company’s Other Houses division, which also includes Alexander McQueen and Brioni.
Sales in Other Houses also dropped 15 percent (14 percent on a comparable basis).
On the company’s earnings call Wednesday, Kering Chief Financial Officer Armelle Poulou said it was a “challenging” quarter for the brands in this division, though its jewelry brands fared better than its fashion brands.
“Our jewelry houses were more resilient, though they were not immune to the overall trend [of a slowdown in sales,]” she said.
Among all Kering’s divisions, Gucci posted the steepest decline in sales in the third quarter. Sales for the Italian fashion house dropped 26 percent as reported (25 percent on a comparable basis.)
Sales declined 13 percent as reported (12 percent on a comparable basis) for Saint Laurent.
Bottega Veneta’s sales increased 4 percent (5 percent on a comparable basis), with sales particularly strong in the United States, Kering said.
Known mainly for its bag and its shoes, the Italian brand has a pair of drop earrings that sell out consistently, aided by their popularity among celebrities and influencers.
Harper’s Bazaar U.K. recently described the earrings as a “modern icon.”
Kering’s eyewear division also had a positive quarter, with sales up 4 percent on both a reported and comparable basis.
In reporting its third-quarter results, Kering warned that the larger-than-expected slowdown in sales in Q3 and the “major uncertainties” likely to impact demand among luxury consumers in the coming months could result in a nearly 50 percent decline in operating income.
The company projects its 2024 operating income could total €2.5 billion ($2.7 billion), down from €4.75 billion ($5.13 billion) in 2023.
“With discipline and determination, we are executing a far-reaching transformation of the group, and at Gucci in particular, at a time when the whole luxury sector faces unfavorable market conditions,” Kering Chairman and CEO François-Henri Pinault said in a press release.
“This severely impacts our performances in the short term. Our absolute priority is to build the conditions for a return to sound, sustainable growth, while further tightening control over our costs and the selectivity of our investments.”
More on Financials
The Latest
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Weekly QuizDec 11, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
TrendsDec 11, 2025
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
IndependentsDec 11, 2025
Look Inside Day’s Jewelers’ Ninth StoreThe 111-year-old retailer celebrated the opening of its new location in Salem, New Hampshire, which is its third store in the state.
MajorsDec 11, 2025
Americas Gold Releases New Gold Chain CatalogThe new catalog features its most popular chains as well as new styles.
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SurveysDec 10, 2025
Consumer Confidence Drops in November Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
SourcingDec 10, 2025
NAJA Announces Details for 2026 ‘Ace It’ Winter Conference“Longtime favorite” presenters, as well as first-time speakers, will lead talks and workshops at the annual event in Tucson next year.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
