FinancialsSep 02, 2025
Lab-Grown Diamonds, Lower-Priced Fashion Jewelry Drive Signet Jewelers’ Q2 SalesFinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, Kering
The luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
A “Bird on a Rock by Tiffany” pendant in platinum and 18-karat yellow gold with diamonds and sapphire accents ($35,000). Tiffany & Co. is part of LVMH’s jewelry portfolio, alongside Bulgari, Chaumet, Repossi, and more. (Image courtesy of Tiffany & Co.)
New York—Kering and LVMH recently reported their third-quarter financial results, with jewelry and watch sales holding their own during a challenging quarter.
Kering, which released its results Wednesday afternoon, saw revenue fall 10 percent (5 percent on a comparable basis) in Q3 to €3.4 billion ($3.9 billion), noting a negative currency effect of 5 percent.
Still, it was an improvement compared to the 15 percent decline in the second quarter.
Its star brand Gucci continued to weigh on its results with sales down 18 percent (14 percent on a comparable basis).
In contrast, its jewelry brands, which include Boucheron, Pomellato, and Qeelin, were standouts, posting double-digit revenue growth.
These brands fall into Kering’s “Other Houses” division alongside Alexander McQueen and Balenciaga. Revenue in the segment totaled €652 million ($757 million) in Q3, down 5 percent (up 1 percent on a comparable basis).
Boucheron’s development in the United States and the Asia-Pacific region was “particularly encouraging,” said Kering.
Pomellato’s revenue was up, and its high jewelry line performed well.
Qeelin continued along its “very positive” trajectory in the Asia-Pacific region.
“Kering’s third-quarter performance, while representing a clear sequential improvement, remains far below that of the market,” new CEO Luca de Meo said.
“This reinforces my determination to work on all dimensions of the business to return our houses and the group to the prominence they deserve. We are working relentlessly on our turnaround, as shown by our recent decisions.”
Related stories will be right here …
Kering, which released its results Wednesday afternoon, saw revenue fall 10 percent (5 percent on a comparable basis) in Q3 to €3.4 billion ($3.9 billion), noting a negative currency effect of 5 percent.
Still, it was an improvement compared to the 15 percent decline in the second quarter.
Its star brand Gucci continued to weigh on its results with sales down 18 percent (14 percent on a comparable basis).
In contrast, its jewelry brands, which include Boucheron, Pomellato, and Qeelin, were standouts, posting double-digit revenue growth.
These brands fall into Kering’s “Other Houses” division alongside Alexander McQueen and Balenciaga. Revenue in the segment totaled €652 million ($757 million) in Q3, down 5 percent (up 1 percent on a comparable basis).
Boucheron’s development in the United States and the Asia-Pacific region was “particularly encouraging,” said Kering.
Pomellato’s revenue was up, and its high jewelry line performed well.
Qeelin continued along its “very positive” trajectory in the Asia-Pacific region.
“Kering’s third-quarter performance, while representing a clear sequential improvement, remains far below that of the market,” new CEO Luca de Meo said.
“This reinforces my determination to work on all dimensions of the business to return our houses and the group to the prominence they deserve. We are working relentlessly on our turnaround, as shown by our recent decisions.”
LVMH, which reported its results on Oct. 14, saw signs of improvement in the third quarter.
For the first nine months, revenue was down 4 percent year-over-year (down 2 percent in organic terms).
In the third quarter, revenue also was down 4 percent year-over-year, but up 1 percent in organic terms.
The third quarter saw improvements across all business groups and regions, LVMH said, with Europe the only exception due to declining tourist spending and currency fluctuations.
Its watches and jewelry business posted organic revenue growth in the third quarter and for the first nine months of the fiscal year.
Revenue in the segment was down 3 percent as reported but up 2 percent in organic terms in Q3, totaling €2.32 billion ($2.69 billion).
For the first nine months, revenue in the category totaled €7.41 billion ($8.6 billion), down 2 percent year-over-year as reported but up 1 percent in organic terms.
While organic sales growth in jewelry and watches has been minimal, the division is outperforming other luxury goods at LVMH. Sales of fashion and leather goods are down 8 percent (6 percent in organic terms) through the first nine months of the year, while wine and spirits sales were down 7 percent (4 percent in organic terms).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
Tiffany & Co. has continued the global rollout of its store concept, inspired by The Landmark in New York City. Its new locations in Milan and Tokyo have seen a “high level” of in-store traffic and revenue, LVMH said.
Its new “Bird on a Rock” collection, inspired by Jean Schlumberger’s original design, had a “promising debut” while its “Blue Book 2025 Sea of Wonder” high jewelry posted record sales, LMVH said.
Bulgari has continued to enhance its “Serpenti” line and expand its “Tubogas” collection.
Its “Polychroma” high jewelry collection and watches are also doing well.
Chaumet is developing its “Bee de Chaumet” jewelry line, which centers on its bee designs and honors the naturalistic jewelry created by Chaumet founder Marie-Étienne Nitot, who was Emperor Napoleon’s official jeweler.
Fred is expanding its “Force 10” collection, a unisex line that combines a braided steel sailing cable and a gold buckle.
LVMH’s watch brand portfolio consists of TAG Heuer, Hublot, and Zenith.
It said TAG Heuer, which signed a 10-year partnership deal with Formula 1 last year, gained visibility at the Grand Prix races.
Zenith is celebrating its 160th anniversary while Hublot debuted the new Classic Fusion Chronograph UEFA Champions League titanium watch.
LVMH’s watch brands also unveiled new models at Geneva Watch Days, including TAG Heuer’s “Carbonspring” oscillator.
On a regional basis, LVMH said its overall sales in the U.S. and Europe were stable in the first nine months of the fiscal year due to “solid” local demand.
In the U.S., sales increased 3 percent in Q3 on an organic basis and were flat for the first nine months.
The U.S. is LVMH’s second-largest market behind Asia, accounting for 25 percent of revenue in the first nine months.
As for the year ahead, LVMH said it remains confident in spite of the uncertain economic and geopolitical environment.
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
Policies & IssuesFeb 03, 2026
Tariff Relief on Horizon for India as Trump, Modi Make DealPresident Trump said he has reached a trade deal with India, which, when made official, will bring relief to the country’s diamond industry.
CollectionsFeb 03, 2026
Jade Trau Releases New Charms, Introduces RondellesThe designer’s latest collection takes inspiration from her classic designs, reimagining the motifs in new forms.
WatchesFeb 03, 2026
Casio America Calls Jersey City HomeThe watchmaker moved its U.S. headquarters to a space it said fosters creativity and forward-thinking solutions in Jersey City, New Jersey.
SourcingFeb 03, 2026
Nivoda Reveals Upgraded Gemstone MarketplaceThe company also announced a new partnership with GemGuide and the pending launch of an education-focused membership program.
GradingFeb 02, 2026
IGI to Acquire American Gemological Laboratories IGI is buying the colored gemstone grading laboratory through IGI USA, and AGL will continue to operate as its own brand.
CrimeFeb 02, 2026
Ylang 23’s Dallas Store BurglarizedThe Texas jeweler said its team is “incredibly resilient” and thanked its community for showing support.
EditorsFeb 02, 2026
Stars Choose Chokers, Elongated Earrings at 2026 GrammysFrom cool-toned metal to ring stacks, Associate Editor Natalie Francisco highlights the jewelry trends she spotted at the Grammy Awards.
CollectionsFeb 02, 2026
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the fact that the 2026 Olympics are taking place in two different cities.
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
