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
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat RoughThe big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
Weekly QuizJun 11, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
