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
IndependentsFeb 19, 2026
Bailey’s Fine Jewelry Co-Founder ‘Mama Ann’ Bailey Dies at 100Raised in an orphanage, Bailey was 18 when she met her husband, Clyde. They opened their North Carolina jewelry store in 1948.
ColumnistsFeb 19, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
IndependentsFeb 19, 2026
Material Good Opens Third Location Material Good is celebrating its 10th anniversary as it opens its new store in the Back Bay neighborhood of Boston.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
Events & AwardsFeb 19, 2026
The Original Miami Beach Antique Show Returns in MarchThe show will be held March 26-30 at the Miami Beach Convention Center.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsFeb 18, 2026
Joanna Carson’s Jewels Head to AuctionThe estate of the model, philanthropist, and ex-wife of Johnny Carson has signed statement jewels up for sale at John Moran Auctioneers.
PodcastsFeb 18, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsFeb 18, 2026
Select Jewelry Inks Agreement to Distribute Lightweight Gold JewelryIt will lead distribution in North America for Graziella Braccialini's new gold pieces, which it said are 50 percent lighter.
Policies & IssuesFeb 18, 2026
Community for Ethical Jewelry Looks for Executive DirectorThe organization is seeking a new executive director to lead it into its next phase of strategic growth and industry influence.
Events & AwardsFeb 18, 2026
DCA to Host Gemstone Selling Education Session at IJO EventThe nonprofit will present a live, two-hour introductory course on building confidence when selling colored gemstones.
TrendsFeb 17, 2026
A Bit of Jewelry for the Year of the HorseWestern wear continues to trend in the Year of the Fire Horse and along with it, horse and horseshoe motifs in jewelry.
SourcingFeb 17, 2026
Colored Gemstone Experts Talk Tariffs, Trends in TucsonAlthough the market is robust, tariffs and precious metal prices are impacting the industry, Stuart Robertson and Brecken Branstrator said.
GradingFeb 17, 2026
Dr. George Rossman, Former GIA Governor, Dies at 81Rossman, who advised GIA for more than 50 years, is remembered for his passion and dedication to the field of gemology.
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
