Jewelry Growth Strong for Kering in 1H

RAPAPORT… Kering, the owner of high-fashion houses Gucci and Yves
Saint Laurent, reported solid growth in its jewelry and watch divisions in the
first half of 2019, driven by increased sales in Asia Pacific and western
Europe.


Revenue from houses other than Gucci, Yves Saint Laurent and Bottega Veneta jumped 20% to EUR 1.23 billion ($1.37 billion). The category includes jewelry and watch brands such as Boucheron, Pomellato and Qeelin, as well as couture and leather goods, ready-to-wear, and shoes. Profit for that “other” category surged 55% to EUR 138.3 million ($154.2 million). 


“Excellent performances of other houses [were] powered by
Balenciaga, Alexander McQueen, and the jewelry houses,” the luxury retailer
said last week.


Total sales across all divisions climbed 15% to EUR 7.64
billion ($8.52 billion) for the first six months of the year, while profit rose
24% to EUR 2.37 billion ($2.64 billion).


“The success of our brands, built on creativity, innovation,
and customer dedication, along with rigorous execution and financial
discipline, are delivering a superior combination of organic growth and
sustainable profitability,” Kering CEO François-Henri Pinault added.

Image: The Boucheron Wolf Ring. (Boucheron)