Financials

Boucheron, Qeelin Excel in Kering’s Q1

FinancialsApr 21, 2021

Boucheron, Qeelin Excel in Kering’s Q1

The luxury titan’s jewelry and watch brands kicked off the year on a high note.

20210421_Kering Pomellato.jpg
An 18-karat rose gold and malachite “Deep Forest” ring accented with black diamonds ($11,500) by Kering-owned brand Pomellato. The luxury conglomerate’s watch and jewelry brands performed well in the first quarter.
Paris—Kering’s fiscal year began on a high note, with revenue climbing double digits as sales surged in North America and Asia-Pacific.
 
The company behind Gucci, Yves Saint Laurent and other high-end brands posted revenue of €3.89 billion ($4.68 billion), a 26 percent increase on a comparable basis.
 
In the first quarter, Kering delivered a strong topline performance, bouncing back above pre-pandemic levels, said CEO François-Henri Pinault in a press release about the results.
 
“Growth was consistent across all our houses, and we are particularly pleased with Gucci’s momentum as the brand kicks off its centennial celebration.”
 
Retail sales from its directly operated stores were up 32 percent when compared with last year’s first quarter, which saw a slew of COVID-19-related store closures.
 
Compared with the first quarter of 2019, sales in this category were up 6 percent.
 
Due to the ongoing COVID-19 pandemic, 17 percent of its worldwide store network was closed in the first quarter, compared with 12 percent in last year’s first quarter.

 Related stories will be right here … 
Wholesale sales were up 9 percent year-over-year as the company works to streamline the segment.
 
Online sales more than doubled, up 108 percent year-over-year, accounting for 14 percent of retail sales.
 
E-commerce sales grew the most in North America, up 134 percent year-over-year.
 
The company’s watch and jewelry brands, including Pomellato and Boucheron, fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.
 
First-quarter revenue in the “others” division totaled €714.3 million ($859.1 million), a 33 percent increase on a comparable basis.
 
In this division, retail sales were up 29 percent while wholesale revenue was up 38 percent.
 
Alexander McQueen and Balenciaga were the category’s top performers as the brands strengthened their foothold in the Asia Pacific region.
 
Boucheron has been rolling out an expansion plan, seeing strong growth in mainland China and Korea.
 
Pomellato is “rebounding nicely,” said Kering, while Qeelin has seen “outstanding development.”
 
In its watches category, the company reported “positive development with healthy sell-through.”
By region, overall sales in North America were up 46 percent while sales in Western Europe fell 34 percent.
 
Sales in the Asia Pacific region surged 83 percent while sales in Japan slipped 3 percent.
 
Kering did not provide guidance for the fiscal year.
 
Pinault noted that while the pandemic will likely continue to impact the company, its brands are in good standing to weather the year ahead.
 
Recent reports suggested Kering had made an offer to acquire Richemont, but it was declined. Neither party confirmed the reports.

Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Sothebys The Desert Rose orangy pink diamond collectors week
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink Diamond

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

Mark Davis Bullseye Necklace
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

Image #1_Resized.png
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and Coaching

Sponsored by Clientbook

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

GIA’s new report for lab-grown diamonds
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming

It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.

Weekly QuizAug 29, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Botswana President Duma Boko
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales Slump

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.

Afton Robertson-Kanne Borsheims
MajorsAug 28, 2025
Borsheims Names New Jewelry Buyer

Former Free People buyer Afton Robertson-Kanne recently joined the retailer.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Sissy’s Log Cabin Back to School and Bling
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis Students

The jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.

Taylor Swift Engaged
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond Cuts

The singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.

11,685-carat Imboo emerald
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem Mine

Dubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.

Shopping cart
SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income Worries

Plans for dining out, booking vacations, and buying big-ticket items were down.

Mine + Found Play Collection Prize Bubble Locket, Whistle Pendent, Fortune Dice
CollectionsAug 27, 2025
Mined + Found’s New Collection Gets Playful

The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.

CCWW lifesaver necklace
CollectionsAug 26, 2025
Does Your Jewelry Stack Need a Snack?

Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.

Nick Jonas x Fossil Campaign
WatchesAug 26, 2025
Nick Jonas Gets Nostalgic in New Fossil Campaign

The Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.

Wally Hinkamp and Donna Hinkamp Warren
IndependentsAug 26, 2025
Hinkamp Jewelers Celebrates 70 Years

The family-owned jeweler in Fayetteville, North Carolina, is in the hands of the second generation.

Emmanuel Raheb
ColumnistsAug 26, 2025
Back to School, Back to Style: Why August is Prime Time for Self-Gifting

In his latest column, Emmanuel Raheb shares tips for encouraging customers to treat themselves to new jewelry.

London Jewelers Rolex East Hampton Boutique Exterior
WatchesAug 25, 2025
London Jewelers Brings Rolex to Historic Hamptons Home

The new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.

Madison Keys
CollectionsAug 25, 2025
Tennis Star Madison Keys Has the Perfect Necklace for the US Open

The Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.

Marie Lichtenberg emerald and diamond locket on the 18-karat gold “Rosa” chain
TrendsAug 25, 2025
Amanda’s Style File: That’s a Wrap

Wrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.

WatchTime New York
WatchesAug 25, 2025
WatchTime NY Show Returns for 10th Anniversary Edition

The three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.

Sriram “Ram” Natarajan
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations

Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.

Retrouvaí Diamond Vein Bond Collar
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ Collar

The one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.

Kendra Scott
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry Empire

Three C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”

Claire’s storefront
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 Stores

The retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.

Target CEO Brian Cornell and COO Michael Fiddelke
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag

Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.

Jewelers of America in Washington DC
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC

The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy