Record Revenue for Kering's Jewelry Brands

(IDEX Online) - Kering's jewelry brands delivered their highest ever revenue in Q1, despite the French conglomerate reporting a 6% drop, year-for-year, across all its operations.

The Boucheron, Pomellato, DoDo, and Qeelin jewelry houses reported a combined increase in revenue of 14% (22% on a comparable basis) to EUR 269 million (USD 317 million).

Boucheron, founded in 1858 and acquired by Kering in 2000, delivered the strongest growth. Demand across all brands was particularly strong in Japan.

Kering said its jewelry division had delivered an "outstanding performance". reaching a record level at €269 million.

In the directly operated retail network, sales grew by 28%, wholesale revenue increased by 14%.

But revenue for the whole conglomerate, dominated by Gucci and other fashion brands, fell 6% to EUR 3.568 billion (USD 4.2 billion) amid a "challenging geopolitical environment".

Kering said revenue was stabilizing after a 10% drop during the previous quarter, marking what it said was "an important first step in our recovery".

It noted that retail revenue in the Middle East fell by 11% as a result of the war, following growth over the first two months of the year. 

In March, Kering created Kering Jewelry, a new entity designed to structure and accelerate the growth of its jewelry business.

Pic courtesy Boucheron.