Kering Revenue Dips, but Pomaletto and Qeelin Perform Well
April 28, 25
(IDEX Online) - Kering's jewelry houses appear to have enjoyed mixed fortunes during a "difficult start to the year".
Pomellato, the Italian jewelry brand, enjoyed an "excellent quarter" and Hong Kong-based Qeelin achieved outstanding growth, the Paris-based luxury conglomerate said in its latest update.
But Kering did not provide financial details for individual houses, making it hard to assess their performances, and the broader figures that are disclosed suggest other jewelry houses may have fared less well.
Total revenue across all Kering's houses - including its biggest players, namely Gucci, Yves Saint Laurent and Bottega Veneta -was down 14 per cent to $4.2bn (EUR 3.9bn).
High jewelry houses Boucheron, Pomellato, DoDo, and Qeelin, as well as Balenicaga (leather goods), McQueen and Brioni (fashion) are part of its "other houses" category, where revenue fell by 11 per cent in Q1 2025, both as reported and on a comparable basis.
Kering said, somewhat unhelpfully, that its jewelry houses had "pursued their development".
It also said: "Boucheron achieved a robust performance over a high comparison base, Pomellato had an excellent quarter, driven in particular by new pieces in its Nudo line, and Qeelin achieved outstanding growth."
During FY 2024 Kering's "other houses" - including its jewelry brands - saw revenue dip by 8 per cent.
François-Henri Pinault, chairman and CEO, commenting on the Kering group's performance, said: "We are increasing our vigilance to weather the macroeconomic headwinds our industry faces, and I am convinced that we will come out stronger from the present situation."
Pic courtesy Pomaletto.