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
More on Financials
The Latest
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
Weekly QuizMay 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
MajorsMay 07, 2026
Gannon & Scott Names New Regional Account ExecutiveIn his new role, sales specialist Billy Welshoff will focus on the eastern United States.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
MajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans Closer to ApprovalThe retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
SourcingMay 05, 2026
Doug Hucker Returns to His RootsFollowing decades of association leadership, the “semi-retired” colored gemstone expert is turning his focus to gemstone education.
Events & AwardsMay 05, 2026
AMNH to Showcase Famous Jewelry, Trophies in Sports HistoryThe museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.
Events & AwardsMay 05, 2026
JIS Launches Brand Exposure ProgramThe new program provides access to media exposure and editorial opportunities for exhibitors and retailers.
CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
CrimeMay 04, 2026
Pawn Shop Manager Shot, Killed in FloridaLazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.
IndependentsMay 04, 2026
Zadok Jewelers, Austin Parks Foundation Support Wildflower PreservationA portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
SurveysMay 01, 2026
Consumer Confidence Inches Up in April Despite Rising Gas PricesRespondents were concerned about the Middle East conflict and how it will impact their finances.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
