TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
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
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
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
AuctionsMar 09, 2026
Joanna Carson’s Jewels Lead White-Glove SaleThe top jewelry lot of the late model’s estate sale, hosted by John Moran Auctioneers, was an Oscar Heyman & Brothers for Cartier necklace.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
TrendsMar 05, 2026
Caitríona Balfe Fronts Only Natural Diamonds CoverThe “Outlander” star modeled for the digital cover of the magazine’s spring issue, which features a story on her relationship with jewelry.
MajorsMar 05, 2026
Registration Opens for CIBJO Centenary CongressThis year’s annual congress, which will mark the confederation’s 100th anniversary, will take place this fall in Italy.
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
