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
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
TrendsAug 26, 2026
Boucheron’s New Campaign Celebrates Its ‘Question Mark’ NecklacesThe campaign highlights the asymmetrical high jewelry necklace style that the jeweler first created in 1879.
Events & AwardsAug 26, 2026
Harry Winston Exhibition to Open in ShanghaiIt will explore the life of “The King of Diamonds” and showcase more than 165 creations from the brand.
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
