FinancialsApr 14, 2021
LVMH Sees Jewelry, Watch Sales Double in Q1FinancialsApr 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.
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.
More on Financials
The Latest
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
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.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
Weekly QuizJun 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for EntriesThe organization has also announced this year’s slate of judges.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry CollectionThe “XO Tacori” collection was designed to blend luxury and accessible pricing.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 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.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
