FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%
The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.
A mini “Nudo” bracelet with London blue topaz and diamonds in 18-karat rose gold from Kering-owned Pomellato. Kering’s jewelry brands performed well in an otherwise bleak first half.
Paris—Kering posted double-digit declining sales in the first half of the year as star brand Gucci faced continued struggles.
However, its jewelry brands, which include Boucheron and Pomellato, showed continued resilience, it said.
The luxury titan reported first-half revenue of €7.59 billion ($8.77 billion), down 16 percent year-over-year (15 percent on a comparable basis).
Revenue in the second quarter was €3.7 billion ($4.28 billion), down 18 percent (15 percent on a comparable basis).
Gucci weighed on its balance sheet, posting a 26 percent decline in revenue in H1 (25 percent on a comparable basis).
The first half of the year was “a period of momentous decisions” for the company, said Kering CEO François-Henri Pinault.
He will step down on Sept. 15, handing the reins to former automotive executive Luca de Meo.
The company also welcomed new designers at some of its largest brands.
Pierpaolo Piccioli was named the new creative director of Balenciaga earlier this month, succeeding Demna Gvasalia, who has moved to Gucci, appointed as its creative director in March.
There were also new CEOs named at Brioni and Ginori 1735.
“On the operational and financial fronts, in a particularly tough market environment, we continued to streamline our distribution and cost base, and, executing on our roadmap, we took decisive steps to strengthen our financial structure,” said Pinault.
“Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering’s development.”
Sales at its jewelry houses were solid, said Kering, and the company plans to implement a targeted strategic reinvestment into jewelry.
The company’s jewelry brands fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
Revenue in the division totaled €1.46 billion ($1.69 billion) in the first half, down 15 percent year-over-year (14 percent on a comparable basis).
In the second quarter, revenue totaled €726 million ($838 million), down 19 percent year-over-year (16 percent on a comparable basis).
Boucheron continued its development in the U.S., said Kering, recently opening its first West Coast flagship in Los Angeles. It also debuted a new high jewelry collection.
Pomellato debuted a high jewelry collection in collaboration with Gucci.
Qeelin sales saw "substantial growth,” Kering said.
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However, its jewelry brands, which include Boucheron and Pomellato, showed continued resilience, it said.
The luxury titan reported first-half revenue of €7.59 billion ($8.77 billion), down 16 percent year-over-year (15 percent on a comparable basis).
Revenue in the second quarter was €3.7 billion ($4.28 billion), down 18 percent (15 percent on a comparable basis).
Gucci weighed on its balance sheet, posting a 26 percent decline in revenue in H1 (25 percent on a comparable basis).
The first half of the year was “a period of momentous decisions” for the company, said Kering CEO François-Henri Pinault.
He will step down on Sept. 15, handing the reins to former automotive executive Luca de Meo.
The company also welcomed new designers at some of its largest brands.
Pierpaolo Piccioli was named the new creative director of Balenciaga earlier this month, succeeding Demna Gvasalia, who has moved to Gucci, appointed as its creative director in March.
There were also new CEOs named at Brioni and Ginori 1735.
“On the operational and financial fronts, in a particularly tough market environment, we continued to streamline our distribution and cost base, and, executing on our roadmap, we took decisive steps to strengthen our financial structure,” said Pinault.
“Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering’s development.”
Sales at its jewelry houses were solid, said Kering, and the company plans to implement a targeted strategic reinvestment into jewelry.
The company’s jewelry brands fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
Revenue in the division totaled €1.46 billion ($1.69 billion) in the first half, down 15 percent year-over-year (14 percent on a comparable basis).
In the second quarter, revenue totaled €726 million ($838 million), down 19 percent year-over-year (16 percent on a comparable basis).
Boucheron continued its development in the U.S., said Kering, recently opening its first West Coast flagship in Los Angeles. It also debuted a new high jewelry collection.
Pomellato debuted a high jewelry collection in collaboration with Gucci.
Qeelin sales saw "substantial growth,” Kering said.
Revenue from Kering’s directly operated stores, which includes its e-commerce sites, was down 16 percent year-over-year on a comparable basis in the first half and Q2.
Revenue in the wholesale and “other” segment was down 10 percent in the first half and down 12 percent in Q2.
Looking at its performance by region, Kering’s first-half sales in North America fell 11 percent on a comparable basis year-over-year. Sales were down 10 percent in Q2.
North America was Kering’s third-largest market by revenue percentage in the first half, accounting for 24 percent of total revenue, up from 23 percent in the prior period.
While trends in North America and Asia Pacific improved compared to Q1 2025, sales in Western Europe and Japan decelerated, mainly due to a decline in tourism.
Revenue declined in every region in both H1 and Q2.
As for its store network, Kering operated 1,772 stores as of H1, 41 fewer than this time last year due to store closures.
For the full year, the company is planning for up to 80 net store closures.
Looking to the year ahead, the company did not provide specific guidance but said it is focused on developing its brands and providing customers with quality products.
“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,” said Kering.
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