TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
FinancialsApr 22, 2020
Kering’s Watch, Jewelry Segment Takes A Hit in Q1
Jewelry brand Qeelin was the only bright spot due in part to a rebound in mainland China.
A “Rhapsody in Green” 18-karat gold ring, featuring malachite and emeralds, by Pomellato. The Kering-owned brand was hit particularly hard in the first quarter as the coronavirus took a toll on watch and jewelry sales.
Paris—Luxury conglomerate Kering was set to have a strong start to the year, but the coronavirus has weighed heavily on its business, sending first-quarter revenue falling double digits.
“The COVID-19 pandemic took a heavy toll on our operations in the first quarter,” said CEO François-Henri Pinault in a press release announcing the quarterly results.
The quarter was off to “an exceptionally good start” in January, said Kering, but things turned sour in February as a result of store closures in the Asia-Pacific region.
In March, the situation deteriorated even further as stores closed across Europe and the U.S., followed by a halt in tourism and the partial closure of the company’s production and logistics facilities near the end of the quarter.
Overall revenue totaled €3.20 billion ($3.47 billion), a 16 percent decline on a comparable basis.
The company refers to its top-performing brands Gucci, Yves Saint Laurent and Bottega Veneta as its “main” houses while its watch and jewelry offerings, as well as Balenciaga and Alexander McQueen, fall into the “other houses” division.
First-quarter revenue in the “others” division totaled €553.3 million ($600.3 million), a 5 percent dip on a comparable basis.
The category’s soft luxury goods, including couture and leather goods, put on “a resilient retail performance” with strong sales in Western Europe and the U.S. offsetting declines in Asia-Pacific and Japan. Wholesale in soft luxury goods stayed strong.
That was not the case for hard luxury, including the watches and jewelry segment, which was “hit hard by the crisis,” said Kering.
“Conditions were tougher in hard luxury, which faced significant disruption in wholesale, a major channel for this division,” said Chief Financial Officer Jean-Marc Duplaix on the earnings call Tuesday morning.
RELATED CONTENT: LVMH’s First-Quarter Sales Fall 17%Boucheron and Pomellato in particular suffered as both brands are “heavily dependent” on Western Europe, said Duplaix, and felt the “severe impact” of the closing of their networks.
In contrast, Qeelin, a jewelry brand inspired by Chinese symbolism, performed well, benefitting from collaboration with distribution partners and a rebound in mainland China, said Duplaix.
In its fourth-quarter results, the company highlighted its “successful investment” in Qeelin, which recently expanded its presence in mainland China.
Overall, Kering’s retail comps fell 19 percent in the first quarter, though online sales rose 21 percent, increasing triple digits in mainland China.
Two-thirds of the decrease in retail comps was attributed to the Asia-Pacific region, led by Hong Kong.
Wholesale dipped 7 percent
on a comparable basis, which Kering attributed to selective distribution, order adjustments, and the closure of its central logistics hub late in the quarter.
Kering’s luxury houses saw a decline in revenue across all regions on a comparable basis, including a 7 percent dip in North America, 30 percent in Asia-Pacific, 14 percent in Western Europe and 17 percent in Japan.
The company highlighted its role in aiding the fight against coronavirus, providing masks as well as monetary donations to the U.S., U.K., Italy, France, and China.
In light of the pandemic, Pinault, Group Managing Director Jean-François-Palus, and Kering’s board of directors will be reducing a portion of their compensation.
Kering did not provide guidance for the year ahead but Pinault stated: “My confidence in Kering’s future lies in the strength and values of our houses, which will all emerge from this period of uncertainty at the top of their game, as well as in our ability to blend long-term vision with near-term imperatives.
Kering’s luxury houses saw a decline in revenue across all regions on a comparable basis, including a 7 percent dip in North America, 30 percent in Asia-Pacific, 14 percent in Western Europe and 17 percent in Japan.
The company highlighted its role in aiding the fight against coronavirus, providing masks as well as monetary donations to the U.S., U.K., Italy, France, and China.
In light of the pandemic, Pinault, Group Managing Director Jean-François-Palus, and Kering’s board of directors will be reducing a portion of their compensation.
Kering did not provide guidance for the year ahead but Pinault stated: “My confidence in Kering’s future lies in the strength and values of our houses, which will all emerge from this period of uncertainty at the top of their game, as well as in our ability to blend long-term vision with near-term imperatives.
More on Financials
The Latest
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
