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.
Editors' Picks
Sponsored by
More on Financials
The Latest
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
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.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner LucapaThe investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
