Asia Rebound Drives Kering Jewelry Sales

RAPAPORT… Kering’s jewelry brands performed well in the third quarter of 2020 amid a recovery in the luxury-goods market in the Asia-Pacific region.

“Despite their significant exposure to Western Europe and Japan, the jewelry houses held up well,” the luxury group said last week.

Sales were bolstered by the growth of the group’s Boucheron brand in Asia Pacific as demand in the region began to rebound following an easing of the coronavirus pandemic, Kering noted. Meanwhile, the retailer’s Qeelin brand continued its “growing success” from the previous quarter.

Revenue at Kering’s watch brands, which include Ulysse Nardin and Girard-Perregaux, was hit hard by the crisis, the company added.

Sales at Kering’s “other houses” segment — which includes jewelry and watches, as well as other fashion products — climbed 9% year on year on a reported basis to EUR 669.1 million ($790.1 million) during the July-to-September period. Revenue at stores that have been open for at least a year grew 14%. Group sales slipped 4.3% to EUR 3.72 billion ($4.39 billion).

In the first nine months of the year, revenue from the “other houses” fell 14%, while group revenue dropped 21%.

Image: A Boucheron store in Singapore. (Shuttersock)