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
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry CollectionThe “XO Tacori” collection was designed to blend luxury and accessible pricing.
Weekly QuizJun 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
