FinancialsJan 29, 2025
LVMH Watch, Jewelry Sales End the Year DownFinancialsFeb 11, 2025
Boucheron a Bright Spot as Kering’s Full-Year Sales Sink 12%
The luxury titan’s full-year performance was weighed down by struggling sales at its star brand Gucci.
A campaign image from Boucheron’s “Histoire de Style” high jewelry collection, “Power of Couture,” which debuted last year. The Kering-owned brand performed well in its recent full-year results.
Paris—Kering reported declining sales in its fourth quarter and its full year, dragged down by the poor performance of its star brand Gucci.
The luxury titan reported fourth-quarter revenue of €4.39 billion ($4.53 billion), down 12 percent year-over-year.
For the full year, revenue totaled €17.19 billion ($17.75 billion), also down 12 percent year-over-year.
“In a difficult year, we accelerated the transformation of several of our houses and moved determinedly to strengthen the health and desirability of our brands for the long term,” said Kering CEO François-Henri Pinault.
Gucci recently parted ways with its former creative director Sabato De Sarno, who had been with the fashion house since 2023.
Gucci’s full-year sales sank 23 percent (21 percent on a comparable basis), falling 24 percent in the quarter.
“Our efforts must remain sustained, and we are confident that we have driven Kering to a point of stabilization, from which we will gradually resume our growth trajectory,” said Pinault.
By channel, full-year sales from Kering’s directly operated retail network, including e-commerce, fell 13 percent on a comparable basis, affected by lower store traffic “in adverse market conditions.” In Q4, sales were down 13 percent.
Wholesale revenue of its brands for the year was down 22 percent on a comparable basis as it continued to make its distribution more exclusive, and down 25 percent in the quarter.
Kering’s jewelry houses, which include Boucheron and Pomellato, continued to make progress, said the company, noting Boucheron did especially well.
Related stories will be right here …
The luxury titan reported fourth-quarter revenue of €4.39 billion ($4.53 billion), down 12 percent year-over-year.
For the full year, revenue totaled €17.19 billion ($17.75 billion), also down 12 percent year-over-year.
“In a difficult year, we accelerated the transformation of several of our houses and moved determinedly to strengthen the health and desirability of our brands for the long term,” said Kering CEO François-Henri Pinault.
Gucci recently parted ways with its former creative director Sabato De Sarno, who had been with the fashion house since 2023.
Gucci’s full-year sales sank 23 percent (21 percent on a comparable basis), falling 24 percent in the quarter.
“Our efforts must remain sustained, and we are confident that we have driven Kering to a point of stabilization, from which we will gradually resume our growth trajectory,” said Pinault.
By channel, full-year sales from Kering’s directly operated retail network, including e-commerce, fell 13 percent on a comparable basis, affected by lower store traffic “in adverse market conditions.” In Q4, sales were down 13 percent.
Wholesale revenue of its brands for the year was down 22 percent on a comparable basis as it continued to make its distribution more exclusive, and down 25 percent in the quarter.
Kering’s jewelry houses, which include Boucheron and Pomellato, continued to make progress, said the company, noting Boucheron did especially well.
The brand recently opened its first U.S. store in New York City and then opened another in Las Vegas. Boucheron also recently debuted its new high jewelry collection.
DoDo celebrated its 30th anniversary, while Qeelin marked 20 years. Pomellato hosted an art and jewelry exhibition in Shanghai.
The company’s jewelry brands fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
For the fourth quarter, revenue in the division totaled €818 million ($844.8 million), down 4 percent year-over-year.
For the full year, revenue fell 8 percent (7 percent on a comparable basis) to €3.22 billion ($3.33 billion).
On a comparable basis, sales in this division from the directly operated retail network were down 4 percent for the year and 7 percent in the quarter.
The division’s wholesale revenue was down 17 percent for the year, but up 9 percent in the quarter.
By region, sales in North America were down 9 percent in Q4 and down 11 percent for the year.
North America accounted for 24 percent of Kering’s annual sales, up 1 percent from last year, making it the company’s third-largest market, with Asia Pacific in the No.1 spot followed by Western Europe.
Looking to the year ahead, the company said, “In an economic and geopolitical environment that remains uncertain, Kering continues to deploy its strategy with the aim of achieving a profitable long-term growth trajectory.”
Kering said it is “stepping up” the initiatives it needs to support the growth and development of its houses.
More on Financials
The Latest
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
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.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
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.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
