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.
Editors' Picks
Sponsored by
The Latest
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise RingSet with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.
MajorsMay 02, 2025
Stuller’s New Bridal Catalog Is Here“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple EffectThough currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.
Weekly QuizMay 01, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 01, 2025
Peek Inside David Yurman’s New Miami Flagship StoreLocated in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.
TrendsMay 01, 2025
Amanda’s Style File: 20 Pieces of Emerald Jewelry for MayMay babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
MajorsMay 01, 2025
Jewelers of America Opens Applications for 2025 ScholarshipsThe deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.
SurveysApr 30, 2025
Consumer Confidence Hits Pandemic-Level Low Amid Tariff ConcernsWhat’s really worrying U.S. consumers isn’t the present situation; it’s what the economy is going to look like six months from now.
Events & AwardsApr 30, 2025
Instore Show Debuts New Name, Look, and FocusNow called The Instore Jewelry Show, it will include holiday-focused education, interactive workshops, and a window display contest.
SourcingApr 30, 2025
GemGuide Has a New Pricing Chart for Colombian EmeraldsIt includes pricing for unenhanced Colombian emeralds in the fine to extra fine range.
CollectionsApr 30, 2025
Tiffany & Co. Goes Deep-Sea Diving in New Blue BookThe “Sea of Wonder” collection features pieces inspired by the ocean, from its waves to flora and creatures like urchins and sea turtles.
AuctionsApr 29, 2025
‘Golconda Blue’ Diamond Pulled From AuctionThe 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.
IndependentsApr 29, 2025
Maryland Jeweler to Close After 36 YearsG.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.
ColumnistsApr 29, 2025
Google Ads vs. Social Media Ads: Which Are More Effective?Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.
SourcingApr 29, 2025
Gemfields Mini Ruby Auction Achieves $7MThe miner said its April sale featured a mix of commercial-quality primary rubies and secondary rubies of varying quality.
CrimeApr 28, 2025
Customs Seizes Nearly 2,000 Pieces of Counterfeit Van Cleef & Arpels JewelryU.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.
TrendsApr 28, 2025
Suzanne Kalan Launches Tech Ring Jacket CollectionHealth monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.
Events & AwardsApr 28, 2025
JCK Industry Fund Announces 2025 Grant RecipientsTen organizations were selected this year.
IndependentsApr 28, 2025
John Atencio Appoints 2 to Wholesale TeamKim Carpenter and Sam Gevisenheit have joined the brand.
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
