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.
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
SourcingOct 21, 2026
Gemfields’ Mixed-Quality Ruby Auction Earns $52MThe miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
SourcingOct 20, 2026
The $50M Victoria’s Secret ‘Fantasy Bra’ By The NumbersJacob & Co.'s diamond masterpiece is the most expensive Fantasy Bra ever worn on the Victoria’s Secret Fashion Show runway.
CollectionsOct 20, 2026
Mignon Faget’s Collection Chooses Handmade Over AIThe “Atelier” collection was inspired by the tools, rituals, and objects in an artist’s studio as a quiet rebuttal to an automated world.
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
