TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
FinancialsJul 29, 2020
Boucheron, Pomellato Struggle in Kering’s H1
The jewelry brands’ limited exposure to the recovering Asia-Pacific market dulled their performance in the first half of the year.
A Mineralismo bracelet featuring rhodonite with black diamond and pink sapphire accents in rose gold from Kering-owned Pomellato’s first high jewelry collection. The division housing Kering’s watch and jewelry brands posted a 26 percent drop year-over-year in first-half revenue.
Paris—Luxury conglomerate Kering said the first half of its fiscal year has been the toughest period it’s faced, with sales sinking double digits across all markets.
The company behind Gucci, Yves Saint Laurent and other high-end brands struggled as the COVID-19 pandemic kept many of its stores shuttered for months on end and halted tourism.
“Our results today underscore the extent of the disruption exacted by the pandemic on our operations,” CEO François-Henri Pinault said in a press release announcing the results, adding he is confident in the company’s ability to weather the crisis.
First-half revenue totaled €5.38 billion ($6.31 billion), a 30 percent decline compared with €7.64 billion ($8.96 billion) a year ago.
RELATED CONTENT: LVMH’s Watch, Jewelry Sales Down 38% So Far This YearIn just the second quarter, revenue fell 44 percent on a comparable basis to €2.18 billion ($2.55 billion).
The company’s watch and jewelry brands, including Pomellato and Boucheron, fall into its “other houses” division, alongside Balenciaga and Alexander McQueen.
First-half revenue in the “others” division totaled €919.1 million ($1.08 billion), a 26 percent drop on a comparable basis.
Revenue in this division sank 44 percent in the second quarter. Retail sales were down 35 percent year-over-year while wholesale, affected in particular by watches, fell 53 percent.
Jewelry brand Qeelin, bolstered by a recovering market in mainland China, saw revenue growth in the first half of the year.
Kering recently invested in the brand, notable for its Chinese symbolism inspiration, to expand its presence in mainland China, leading to strong performances in recent quarters.
Boucheron and Pomellato continued to be hurt by their “limited exposure” to the recovering Asia-Pacific market, noted Chief Financial Officer Jean-Marc Duplaix on an earnings call Tuesday.
The temporary closures across Kering’s retail network had a major impact on the second quarter with 65 percent of its stores closed in April and 45 percent in May. As of June, 15 percent of stores remain closed.
While nearly all stores in Europe and Japan have reopened, 50 percent of its U.S. stores are still closed.
Kering’s luxury houses saw a decline in comparable growth across all regions, including a 34 percent drop in North America, 25 percent in Asia-Pacific, 29 percent in Western Europe and 40 percent in Japan.
Its overall retail sales in the first half were down 31 percent, though Kering noted a higher store conversion rate was easing the sting of softer traffic.
As for wholesale, U.S. department
Editors' Picks
Sponsored by
stores and other wholesale accounts are being cautious about their orders, Kering said.
The loss of travel retail also took its toll as wholesale revenue fell 27 percent year-over-year.
The company said its long-term strategy is to get a tighter grip on its distribution, downsizing the number of wholesalers.
Online sales were a bright spot for the luxury conglomerate, jumping 72 percent in the second quarter and 47 percent in the first six months overall.
E-commerce revenue accounted for 13 percent of all sales, more than double the 6 percent reported last year.
Shoppers in North America warmed up to online shopping, sending e-commerce sales in the region up 46 percent in the first half of the year.
Online sales accounted for 26 percent of retail sales in the U.S., double the 13 percent reported a year ago.
Kering did not provide financial guidance for the year ahead, noting: “The lack of visibility about how the worldwide personal luxury goods market will evolve in the next few months makes it impossible to forecast the group’s second-half sales with any sufficient degree of reliability.”
The loss of travel retail also took its toll as wholesale revenue fell 27 percent year-over-year.
The company said its long-term strategy is to get a tighter grip on its distribution, downsizing the number of wholesalers.
Online sales were a bright spot for the luxury conglomerate, jumping 72 percent in the second quarter and 47 percent in the first six months overall.
E-commerce revenue accounted for 13 percent of all sales, more than double the 6 percent reported last year.
Shoppers in North America warmed up to online shopping, sending e-commerce sales in the region up 46 percent in the first half of the year.
Online sales accounted for 26 percent of retail sales in the U.S., double the 13 percent reported a year ago.
Kering did not provide financial guidance for the year ahead, noting: “The lack of visibility about how the worldwide personal luxury goods market will evolve in the next few months makes it impossible to forecast the group’s second-half sales with any sufficient degree of reliability.”
More on Financials
The Latest
MajorsNov 06, 2026
SNL’s Colin Jost Finds the Perfect Gift in Kay Jewelers’ Holiday AdJost goes on an epic journey, traversing rough seas and encountering a cyclops, to discover the perfect holiday gift.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
Weekly QuizNov 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
