Kering Revenue Falls During a "Trying Year"
February 13, 24
(IDEX Online) - Kering, the French luxury group that owns Boucheron and other high jewelry maisons, reported a 4 per cent drop in revenue during 2023 to $21.1bn. Revenue during the final quarter fell by 6 per cent.
The company did not provide a revenue breakdown for its jewelry and watch brands - including Pomellato, DoDo, and Qeelin. They come under the "other houses" category, which saw 1 9 per cent drop in revenue during the year.
Kering did, however, say its jewelry houses "maintained their excellent momentum, with double-digit growth in the fourth quarter, driven by the success of all collections".
Its primary fashion brands - Gucci, Yves Saint Laurent and Bottega Veneta - all saw revenue drop, although its eyewear division enjoyed a 35 per cent increase.
"In a trying year for the group, we strengthened our organization and took significant steps to further enhance the visibility and exclusivity of our houses," said chairman and CEO Francois-Henri Pinault.
Pic courtesy Boucheron