FinancialsFeb 08, 2024
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Jewelry Cited as a Bright Spot in ‘Trying’ Year for Kering
The luxury conglomerate owns Boucheron, Pomellato, DoDo, and Qeelin.
A pair of tourmaline and tanzanite earrings from “Vertical Landscapes,” a 2023 high jewelry collection from Kering-owned brand Pomellato. The luxury conglomerate said its jewelry brands experienced double-digit sales growth in the fourth quarter.
Paris—Kering saw sales and profits decline in what its CEO described as a “trying” year for the luxury conglomerate, though its jewelry branded ended the year on a strong note.
Kering owns Boucheron, Pomellato, DoDo, and Qeelin. The brands are part of a division called “Other Houses,” which also includes Balenciaga, Alexander McQueen, and Brioni.
In 2023, revenue from the division totaled €3.5 billion ($3.77 billion), down 9 percent as reported year-over-year and 8 percent on a comparable basis.
Sales from the brands’ directly operated retail stores in the division rose 3 percent, while wholesale sales fell 29 percent.
While Kering does not break out results individually for brands in Other Houses, the company said its jewelry brands, “maintained their excellent momentum, with double-digit growth in the fourth quarter, driven by the success of all collections.”
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Kering owns Boucheron, Pomellato, DoDo, and Qeelin. The brands are part of a division called “Other Houses,” which also includes Balenciaga, Alexander McQueen, and Brioni.
In 2023, revenue from the division totaled €3.5 billion ($3.77 billion), down 9 percent as reported year-over-year and 8 percent on a comparable basis.
Sales from the brands’ directly operated retail stores in the division rose 3 percent, while wholesale sales fell 29 percent.
While Kering does not break out results individually for brands in Other Houses, the company said its jewelry brands, “maintained their excellent momentum, with double-digit growth in the fourth quarter, driven by the success of all collections.”
Overall, Kering’s 2023 sales totaled €19.57 billion ($21.09 billion), down 4 percent as reported and 2 percent on a comparable basis, dragged down by a 6 percent drop in sales at its biggest brand, Gucci.
Recurring operating income fell 15 percent to €4.7 billion ($4.92 billion). Operating margin was 24.3 percent in 2023 compared with 27.5 percent in 2022.
Kering said sales at the stores it owns and operates were stable on a comparable basis, but wholesale sales and other revenue fell 11 percent, as the company continued to divert more resources to its own network of stores.
In the fourth quarter, sales were down 6 percent as reported and 4 percent on a comparable basis.
Sales from the directly operated retail network slipped 2 percent.
“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,” Kering Chairman and CEO François-Henri Pinault said.
He said the company is focused on “revitalizing” Gucci, while describing the market environment as “uncertain” in 2024.
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