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
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s SpectacularThe holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department LeadershipThe auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom DixonAs chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper FlaggThe parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
