Jewelry a Standout for Kering in First Half
Kering reported “excellent momentum” for its jewelry sales during the first half of 2023, led by a recovery in Asia Pacific.
The group’s Boucheron, Pomellato and Qeelin jewelry houses delivered “strong growth,” with sales “significantly improving” between the first and second quarters, Kering reported last week. All three achieved double-digit growth, the company noted.
The rise for the category came amid a drop in revenue for the “other houses” segment — which includes jewelry and watches, as well as other fashion products. Sales for the division fell 5% on a reported basis to EUR 1.86 billion ($2.05 billion) during the first six months. Same-store sales — at branches open at least a year — also slipped 5%. Profit declined 34% to EUR 224 million ($247 million).
Revenue for the Kering group, which owns fashion brands Gucci and Yves Saint Laurent, rose 2% to EUR 10.14 billion ($11.17 billion), while profit dipped 3% to EUR 2.74 billion ($3.02 billion).
Kering Reports ‘Outstanding’ Year for Jewelry
Main image: A Pomellato store in Singapore. (Shutterstock)