Kering’s Jewelry Sales Up Double Digits in Q3

New York—Kering’s sales were flat in the third quarter as flagship brand Gucci continues to struggle.

Its jewelry brands—Boucheron, Pomellato, DoDo, and Qeelin—once again were standouts, posting double-digit growth in the third quarter and the first nine months of the year.

The luxury titan noted softening sales in North America with sales up 1 percent, a slowdown from Q1 (sales up 9 percent) and Q2 (sales up 10 percent).

North America was Kering’s third-largest market by revenue percentage in Q3, accounting for 24 percent of total revenue. Asia Pacific took the top spot (30 percent) followed by Western Europe (29 percent).

“Against an uncertain macroeconomic backdrop, we continue to roll out our ‘ReconKering’ plan, tackling step by step the changes needed to be a more resilient and integrated group, giving us the agility to navigate this increasingly challenging environment,” Kering Chief Financial Officer Armelle Poulou said on the earnings call Thursday afternoon.

Kering’s new roadmap to growth includes changes to its organizational structure, new brand strategies, and cost-cutting measures.

In the first nine months, Kering’s total revenue was €10.57 billion ($11.86 billion), down 2 percent (flat on a comparable basis).

Third-quarter revenue was flat at €3.35 billion ($3.76 billion), up 1 percent on a comparable basis.

Foot traffic remained an issue in Kering’s stores, said Poulou, partially offset by better conversion across most houses and higher average unit price and ticket.

“Unlocking the group’s full potential requires restoring momentum at Gucci, accelerating on product excellence, delivering our action plan in China, realizing the full benefits of our group platform, and embedding a culture of execution across the organization,” Kering CEO Luca de Meo said in a statement.

At Gucci, traffic was still down though conversion, average price, and average ticket improved amid the rollout of new collections, Kering said.

Gucci’s sales were down 7 percent (5 percent on a comparable basis) in the first nine months and down 4 percent in Q3 (6 percent on a comparable basis).

In contrast, Kering’s jewelry brands outperformed every category in Q3.

Year-to-date sales soared 14 percent (17 on a comparable basis) to €760 million ($853 million), while Q3 sales were up 12 percent (11 percent on a comparable basis) to €239 million ($268 million).

In its directly operated stores, Q3 jewelry sales were up 18 percent while wholesale revenue was down 6 percent.

“The category benefits from strong underlying fundamentals and from the disciplined way we are scaling it across houses and regions,” Poulou said on the call.

“We are confident in jewelry’s ability to increase its contribution to growing our revenue over time.”

The retailer will host “Kering Jewelry Day” on Dec. 2 in Paris to discuss its plans for its jewelry brands in depth, including growing their retail footprint.

Previously, Kering’s jewelry brands were part of its “Other Houses” division alongside Alexander McQueen and Balenciaga, but they are now in their own category.

In March, Kering announced the creation of Kering Jewelry, a new division established to accelerate the growth of its jewelry brands.

Jean-Marc Duplaix, who is also Kering’s chief operating officer, was named CEO of Kering Jewelry.

Boucheron showed “strong momentum,” said Kering, particularly its “Quatre” and “Serpent Bohème” collections. The brand did especially well in Japan and South Korea.

Pomellato also did well, particularly in Japan, with sales driven by demand for its “Nudo,” “Iconica,” and “Together” collections.

DoDo and Qeelin’s performance was mixed, said Kering, though the brands are moving forward with product initiatives, like Qeelin’s launch of “Wulu Purple Jade.”

Last month, Kering named Charlotte Fournet as the new CEO of Pomellato and Krizia Cucurachi as CEO of DoDo.

Kering announced late last year that it had signed an agreement to acquire an initial 20 percent stake in Raselli Franco Group, one of the largest independent jewelry manufacturers in Europe, with a pathway to full ownership of the company by 2032.

Kering closed 75 net stores in 2025, and has closed an additional 105 during the first nine months of this year, including 128 closures and 23 openings.

The company said it plans to close net 125 stores this year, more than previously announced. 

The retailer operated 1,390 stores as of the end of Q3.

Kering did not provide financial guidance for the remainder of the year.

The company said: “While short-term revenue trends reflect a more challenging macroeconomic environment, Kering confirms its objective of improving its recurring operating margin in 2026, supported by the efficiency measures under way, while maintaining strong investment in the desirability of its houses.”