CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
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
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
