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
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in AustinIts opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.
SurveysJul 30, 2025
Consumer Confidence Ticks Up in JulyRespondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.
Weekly QuizJul 25, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LASenior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New DesignersThe first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough EmeraldsThe online auction house’s September sale will feature rough Brazilian emeralds of various qualities.
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.
Policies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance PlatformThe retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas The jeweler’s largest store yet is set to open in Little Rock next fall.
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ NecklaceAnne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong ShowJewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime AchievementMark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio CharactersThe “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern IndiaThe “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHoCreative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s LondonNext week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the HolidaysEmmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.
