Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
FinancialsFeb 17, 2021
Kering’s 2020 Revenue Sinks Despite Online Growth
But jewelry brands Boucheron and Qeelin continued to perform well in the Asia Pacific region.
A Nudo Cascade necklace by Kering-owned brand Pomellato, featuring peridot, white topaz, and tsavorite garnet
Paris—Kering ended its fiscal year on a low note, posting a decline in revenue, but the luxury titan’s online sales continue to climb.
The company behind Gucci, Yves Saint Laurent and other high-end brands saw a decline in overall revenue in the fourth quarter and the full year.
Fourth-quarter revenue totaled €4 billion ($4.82 billion), an 8 percent decline compared with €4.36 billion ($5.25 billion) a year ago.
Full-year revenue fell to €13.1 billion ($15.76 billion), an 18 percent decrease compared with €15.88 billion ($19.11 billion) a year ago.
Retail sales overall were down 16 percent year-over-year, attributed to store closures and a halt in tourism, though the company saw a “sharp rebound” in the second half led by North America and Asia Pacific.
Wholesale sales were down 17 percent on a comparable basis.
Online sales, meanwhile, were particularly strong, up 68 percent year-over-year, accounting for 13 percent of total sales.
In North America, online sales grew 89 percent on a comparable basis, accounting for 24 percent of retail sales compared with 13 percent a year ago.
“In a year of disruption, Kering demonstrated remarkable resilience and agility,” said CEO François-Henri Pinault in a press release about the results.
“We achieved a solid top-line recovery in the second half, we protected our margins while continuing to invest in our houses and growth platforms, our cash flow generation remained elevated, and we further strengthened the group’s financial structure.”
The company’s watch and jewelry brands, including Pomellato and Boucheron, fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
Full-year revenue in the “others” division totaled €2.28 billion ($2.74 billion), a 9 percent decrease on a comparable basis, while quarterly revenue totaled €693.1 million ($834 million), a 1 percent decrease compared with last year.
In this division, retail sales were down 5 percent for the full year while wholesale revenue fell 13 percent.
Alexander McQueen and Balenciaga were top performers, posting double-digit growth in retail and wholesale as the brands expanded their store network in Asia Pacific and North America while seeing a boost in online sales.
The jewelry houses suffered due to their exposure to the Western European market, an area still under COVID-19-related restrictions, while sales growth in Asia was strong.
Boucheron performed well in the Asia Pacific region, and Qeelin sales climbed due to a strong recovery in mainland China, said Kering, while its watch brands are focusing on prime distribution.
By region, overall sales in North America were
down 8 percent while sales in Western Europe fell 28 percent.
Sales in the Asia Pacific region slipped 7 percent while sales in Japan sank 29 percent.
Kering did not provide financial guidance for the year ahead, but Pinault said: “More than ever, I am convinced that our strategy and business model are perfectly in sync with the current and future trends of the luxury universe.”
Sales in the Asia Pacific region slipped 7 percent while sales in Japan sank 29 percent.
Kering did not provide financial guidance for the year ahead, but Pinault said: “More than ever, I am convinced that our strategy and business model are perfectly in sync with the current and future trends of the luxury universe.”
More on Financials
The Latest
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in ZambiaThe miner announced plans to recommence open-pit mining at Kagem.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry MomentsAssociate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and BeyondConnecting with your customers throughout the year is key to a successful holiday marketing push.
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest AuctionIts commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.
