"Difficult Year" for Kering's Jewelry Brands
February 15, 25
(IDEX Online) - Sales by Kering's high jewelry brands - Boucheron, Pomellato, DoDo, and Qeelin - dipped during "a difficult year" in 2024, the company said in its annual results.
The French luxury group reported a 12 per cent drop overall, (to $18.0bn, Euro 17.2bn) with Gucci, its Italian luxury fashion house, suffering a 23 per cent plunge.
Its jewelry maisons fall under the "other houses" category (around a fifth of all revenue), which was down 8 per cent. Kering does not provide a further breakdown.
The company no longer owns any watch brands, after it sold off Girard-Perregaux and Ulysse Nardin in early 2022.
Revenue for Kering's "other houses" was $3.35bn (Euro 3.22bn) down from $3.63bn in 2024 (Euro 3.54bn) in 2023.
Kering said that in Q4 of 2024 its "other houses" revenue was down by 4 per cent.
"Jewelry Houses continued to make progress, with a particularly healthy performance at Boucheron," it said.
Looking to the future it said: "In an economic and geopolitical environment that remains uncertain, Kering continues to deploy its strategy with the aim of achieving a profitable long-term growth trajectory."
Pic courtesy Kering.