FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactFinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%
Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.
An 18-karat rose and white gold Pomellato “Nudo” toi et moi ring with diamonds and London blue topaz ($8,650). The brand’s parent company Kering reported declining sales in its first quarter.
Paris—Kering started its fiscal year on a low note, posting double-digit declines in revenue as its star brand Gucci continues to struggle.
The luxury titan reported first-quarter revenue of €3.88 billion ($4.42 billion), down 14 percent year-over-year.
“As we had anticipated, Kering faced a difficult start to the year,” CEO François-Henri Pinault said.
“We are increasing our vigilance to weather the macroeconomic headwinds our industry faces, and I am convinced that we will come out stronger from the present situation.”
Kering noted a gradual slowdown in retail activity at the start of the year, adding that the uncertain macro environment is weighing on consumer confidence.
A poor performance by Gucci weighed heavily on its balance sheet.
Gucci’s quarterly sales sank 24 percent (25 percent on a comparable basis).
Revenue from Gucci’s directly operated store network was down 25 percent, due in part to low store traffic, while its wholesale revenue sank 33 percent.
Gucci also named a new artistic director to replace Sabato De Sarno, who left the brand earlier this year.
The brand appointed Demna Gvasalia, better known as Demna, to the role. He is the former creative director of fellow Kering-owned brand Balenciaga.
The company’s jewelry brands, which include Boucheron and Pomellato, fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
For the first quarter, revenue in the division totaled €733 million ($835 million), down 11 percent year-over-year.
On a comparable basis, sales in the stores Kering owns and operates were down 9 percent in the quarter.
The division’s wholesale revenue fell 17 percent.
While the division struggled overall, sales grew for Kering’s jewelry brands in Q1.
“The group’s jewelry houses pursued their development,” Kering said. “Boucheron achieved a robust performance over a high comparison base, Pomellato had an excellent quarter, driven in particular by new pieces in its ‘Nudo’ line, and Qeelin achieved outstanding growth.”
Boucheron recently opened its first U.S. store in New York City and then opened another in Las Vegas.
Kering closed 25 stores on a net basis in Q1, bringing its directly operated store count to 1,788.
Related stories will be right here …
The luxury titan reported first-quarter revenue of €3.88 billion ($4.42 billion), down 14 percent year-over-year.
“As we had anticipated, Kering faced a difficult start to the year,” CEO François-Henri Pinault said.
“We are increasing our vigilance to weather the macroeconomic headwinds our industry faces, and I am convinced that we will come out stronger from the present situation.”
Kering noted a gradual slowdown in retail activity at the start of the year, adding that the uncertain macro environment is weighing on consumer confidence.
A poor performance by Gucci weighed heavily on its balance sheet.
Gucci’s quarterly sales sank 24 percent (25 percent on a comparable basis).
Revenue from Gucci’s directly operated store network was down 25 percent, due in part to low store traffic, while its wholesale revenue sank 33 percent.
Gucci also named a new artistic director to replace Sabato De Sarno, who left the brand earlier this year.
The brand appointed Demna Gvasalia, better known as Demna, to the role. He is the former creative director of fellow Kering-owned brand Balenciaga.
The company’s jewelry brands, which include Boucheron and Pomellato, fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
For the first quarter, revenue in the division totaled €733 million ($835 million), down 11 percent year-over-year.
On a comparable basis, sales in the stores Kering owns and operates were down 9 percent in the quarter.
The division’s wholesale revenue fell 17 percent.
While the division struggled overall, sales grew for Kering’s jewelry brands in Q1.
“The group’s jewelry houses pursued their development,” Kering said. “Boucheron achieved a robust performance over a high comparison base, Pomellato had an excellent quarter, driven in particular by new pieces in its ‘Nudo’ line, and Qeelin achieved outstanding growth.”
Boucheron recently opened its first U.S. store in New York City and then opened another in Las Vegas.
Kering closed 25 stores on a net basis in Q1, bringing its directly operated store count to 1,788.
Looking at Kering’s overall performance by channel, first-quarter sales from its directly operated retail network, including e-commerce, fell 16 percent on a comparable basis.
Wholesale revenue (excluding the eyewear, beauty, and “royalties and other” divisions) was down 23 percent on a comparable basis in the quarter as Kering continued to make its distribution more exclusive.
By region, Kering noted weakening year-over-year sales in North America (down 13 percent), Western Europe (down 13 percent), and Japan (down 11 percent) while quarterly sales in the Asia-Pacific region (down 25 percent) were in line with last year’s fourth quarter.
North America accounted for 23 percent of Kering’s Q1 sales, up 1 percent from last year, making it the company’s third-largest market, with Asia Pacific (31 percent) in the No. 1 spot followed by Western Europe (28 percent).
The company did not provide fiscal guidance for the year ahead.
More on Financials
The Latest
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
Weekly QuizNov 06, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
