FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3FinancialsFeb 10, 2026
Kering Plans Transformation as 2025 Sales Sink 13%
As star brand Gucci continues to struggle, the luxury titan plans to announce a new roadmap to return to growth.
An 18-karat rose and white gold Pomellato “Nudo” toi et moi ring with diamonds and London blue topaz. The brand’s parent company Kering reported declining sales in its fourth quarter and for the full year.
New York—Kering posted double-digit declines in 2025 as the luxury titan prepares for a transformation.
For the full year, revenue totaled €14.68 billion ($17.47 billion), down 13 percent (10 percent on a comparable basis).
In the fourth quarter ending Dec. 31, revenue fell 9 percent (3 percent on a comparable basis) to €3.91 billion ($4.65 billion).
“The performance in 2025 does not reflect the group’s true potential,” said Kering CEO Luca de Meo.
“In the second half, we took decisive actions—strengthening the balance sheet, tightening costs, and making strategic choices that lay the foundations for our next chapter.”
On April 16, during its Capital Markets Day, the company will present a new roadmap to get back to growth, he said, with “well-defined brand strategies, a more effective organization, and strong financial discipline.”
Its star brand Gucci weighed on its balance sheet, with sales down 22 percent for the year and 16 percent in Q4.
However, its jewelry brands, which include Boucheron, Pomellato, and Qeelin, posted strong growth in Q4, said Kering.
Boucheron’s sales were up double digits, while Pomellato maintained its “steady trajectory.” Dodo’s sales did well while Qeelin held onto its strong momentum.
These brands fall into Kering’s “Other Houses” division alongside Alexander McQueen and Balenciaga.
Revenue in the segment totaled €789 million ($939 million) in Q4, down 4 percent (up 3 percent on a comparable basis).
Full-year revenue totaled €2.9 billion ($3.5 billion), down 10 percent (down 6 percent on a comparable basis).
Related stories will be right here …
For the full year, revenue totaled €14.68 billion ($17.47 billion), down 13 percent (10 percent on a comparable basis).
In the fourth quarter ending Dec. 31, revenue fell 9 percent (3 percent on a comparable basis) to €3.91 billion ($4.65 billion).
“The performance in 2025 does not reflect the group’s true potential,” said Kering CEO Luca de Meo.
“In the second half, we took decisive actions—strengthening the balance sheet, tightening costs, and making strategic choices that lay the foundations for our next chapter.”
On April 16, during its Capital Markets Day, the company will present a new roadmap to get back to growth, he said, with “well-defined brand strategies, a more effective organization, and strong financial discipline.”
Its star brand Gucci weighed on its balance sheet, with sales down 22 percent for the year and 16 percent in Q4.
However, its jewelry brands, which include Boucheron, Pomellato, and Qeelin, posted strong growth in Q4, said Kering.
Boucheron’s sales were up double digits, while Pomellato maintained its “steady trajectory.” Dodo’s sales did well while Qeelin held onto its strong momentum.
These brands fall into Kering’s “Other Houses” division alongside Alexander McQueen and Balenciaga.
Revenue in the segment totaled €789 million ($939 million) in Q4, down 4 percent (up 3 percent on a comparable basis).
Full-year revenue totaled €2.9 billion ($3.5 billion), down 10 percent (down 6 percent on a comparable basis).
Revenue from Kering’s directly operated stores, which includes its e-commerce sites, was down 11 percent year-over-year in 2025.
Revenue in the wholesale and “other” segment was down 9 percent. While its eyewear segment performed well, that was offset by its luxury houses’ effort to be more exclusive with distribution.
Looking at its performance by region, Kering’s Q4 sales in North America were up 2 percent on a comparable basis year-over-year. However, sales in North America were down 5 percent in 2025.
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.
As for its store network, Kering operated 1,719 stores, with 75 net closures in 2025.
Looking to the year ahead, the retailer is focused on growth amid “a still uncertain macroeconomic environment,” said the company.
“Kering enters 2026 with a clear objective: to return to growth and improve margins this year.”
Editors' Picks
Sponsored by
More on Financials
The Latest
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
SurveysMay 01, 2026
Consumer Confidence Inches Up in April Despite Rising Gas PricesRespondents were concerned about the Middle East conflict and how it will impact their finances.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
TechnologyApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
Doug Hucker Retires From ICAThe colored gemstone industry leader is heading into retirement after four years as the association’s CEO.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
