Kering’s jewelry brands recorded double-digit revenue growth in the third quarter, outperforming other divisions as group sales saw no change.
Sales at Kering’s jewelry segment rose 12% year on year to EUR 239 billion ($267.74 billion), the French luxury conglomerate, which owns the Boucheron, Pomellato, Qeelin and DoDo brands, said last week.
“Kering Jewelry delivered another strong performance against a more demanding comparison base,” the company said. “Boucheron maintained strong momentum…. Pomellato continued to build momentum, particularly in Japan, driven by sustained demand for Nudo, Iconica and Together. Performance at DoDo and Qeelin was mixed, though the houses moved forward with their product initiatives.”
Overall group sales for the three months that ended September 30 were stable at EUR 3.35 billion ($3.75 billion). The revenue reflected weaker economic conditions, while store traffic remained the main challenge. Kering Eyewear improved, but the fashion and leather goods category, which includes Gucci, slid.
In the first nine months of the year, group sales were down 2% to EUR 10.57 billion ($11.83 billion). Kering closed a net 105 brand stores during the period, with plans to shut at least 20 more by the end of the full year.
Image: A Boucheron store in Paris. (Shutterstock)
