FinancialsJan 29, 2025
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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.
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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.
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