MajorsJul 21, 2025
Rio Grande Expands Personalization OfferingsAs demand for custom jewelry grows, the company is expanding its services to support retailers.
FinancialsOct 23, 2020
Kering’s Jewelry Brands Suffer in Q3 Amid Tourism Halt
Boucheron and Qeelin performed well in the Asia Pacific region, but struggled elsewhere as tourist numbers dwindled.
Boucheron Meisa the Chickadee Ring set with a tanzanite, diamonds, multi-color sapphires, tsavorites, onyx and lapis lazuli in 18-karat white gold (price available upon request). The Kering-owned brand’s sales suffered due to declining tourism in Western Europe and Japan.
Paris—Kering posted hopeful third-quarter results Thursday, pointing to a recovery ahead, but the luxury conglomerate is not out of the woods yet.
The company behind Gucci, Yves Saint Laurent and other high-end brands saw a decline in overall revenue, even as online sales doubled.
Third-quarter revenue totaled €3.72 billion ($4.4 billion), a 4 percent decline compared with €3.88 billion ($4.59 billion) a year ago.
In the first nine months of the year, revenue fell 21 percent on a comparable basis to €9.09 billion ($10.75 billion).
“In a tough environment, Kering achieved substantial revenue recovery in the third quarter. The creativity of each of our Houses and the agility of our organization led to a sharp rebound in sales, nearly matching the level of the 2019 third quarter,” said CEO François-Henri Pinault in a press release announcing the results.
The company’s watch and jewelry brands, including Pomellato and Boucheron, fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
Quarterly revenue in the “others” division totaled €669.1 million ($791.5 billion), a 9 percent increase on a comparable basis.
Retail sales in this division were up 10 percent year-over-year while wholesale climbed 17 percent.
Alexander McQueen and Balenciaga were the standouts in this category, both seeing double-digit growth in retail and wholesale after expanding their directly-operated store network in Asia Pacific and North America and seeing a boost in online sales.
As for the jewelry houses, Boucheron and Pomellato “had a more contracted quarter,” said CFO Jean-Marc Duplaix during an earnings call Thursday.
Duplaix blamed suffering tourism in Western Europe and Japan.
Sales in Western Europe were down 41 percent and down 23 percent in Japan.
Boucheron saw bright spots in Asia Pacific, however, said Kering, highlighting its growth in Korea and Taiwan and its store opening in Beijing.
And, “Qeelin is taking advantage of the strength of mainland China to post outstanding growth,” said Duplaix.
Momentum in mainland China contributed to 19 percent growth in the Asia Pacific region.
Kering recently announced the opening of its new headquarters in Japan, located in Omotesando, Tokyo and designed by Pritzker Award winner and Japanese architect Toyo Ito.
The watch brands didn’t fare as well and are focusing on prime distribution, said Kering.
Kering’s luxury houses posted strong growth in North America, up 44 percent due to a rebound in local demand.
Online sales were a bright spot for the
luxury conglomerate, climbing 102 percent overall in the third quarter. North American e-commerce sales were up 179 percent in the third quarter.
For the first nine months of the year, e-commerce accounted for 13 percent of overall retail sales compared with 6 percent a year ago.
In North America, that percentage grew to 24 percent, double the 12 percent reported a year ago.
The loss of travel retail also took its toll as quarterly wholesale revenue in its luxury houses fell 5 percent year-over-year.
The luxury titan had 1,430 directly-operated stores as of September compared with 1,393 stores in June.
Kering did not provide financial guidance for the year ahead.
More on Financials
The Latest
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go VirtualThe mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement PlansHe retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
