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
Events & AwardsMay 22, 2026
Instore Buys JA New York ShowThe deal closed this week, which means Instore will produce the JA NY show slated to take place this fall.
CollectionsMay 22, 2026
Leigh Maxwell Celebrates 5 Years at Couture With ‘Bauble’ CollectionThe “Bauble” capsule collection of colorful one-of-a-kinds includes our Piece of the Week, the “Bauble” earrings, featuring rose zircon.
MajorsMay 22, 2026
Stuller’s New Packaging, Display Catalog Is Out The updated catalog has a newly dedicated section for gift wrapping.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
SourcingMay 21, 2026
Botswana, Angola Join WFDBThe addition of the diamond-producing countries as nation affiliated members broadens the federation’s global representation, WFDB said.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
