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.
Related stories will be right here …
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.
More on Financials
The Latest
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SurveysDec 10, 2025
Consumer Confidence Drops in November Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingDec 10, 2025
NAJA Announces Details for 2026 ‘Ace It’ Winter Conference“Longtime favorite” presenters, as well as first-time speakers, will lead talks and workshops at the annual event in Tucson next year.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
