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Jewelry Sales Buoy Kering Revenue

April 27, 2023  |  Leah Meirovich

Kering’s jewelry and watch divisions saw solid sales in the first quarter, even as challenges in the US market and its wholesale business affected the company’s overall performance.

Revenue from the group’s “other houses” segment, which includes jewelry and watches, fell 9% year on year to EUR 890 million ($954.9 million) for the three months ending March 31, the company said Tuesday.

“The performance of Kering’s jewelry houses was outstanding,” the luxury conglomerate noted.

However, wholesale revenue for the segment as a whole slid 32% on a comparable basis, impacted by the company’s streamlining strategy and a difficult situation in the US market. Kering has also been hard hit in the country after recent ads for Balenciaga, one of the brands under the “other houses” segment, were perceived as scandalous.

Total revenue for the group, which owns jewelry brands Boucheron, Pomellato, Qeelin and DoDo, as well as fashion lines Gucci and Yves Saint Laurent, rose 2% to EUR 5.08 billion ($5.45 billion) for the period. The increase was the result of good momentum in Western Europe and Japan and a recovery in the Chinese market, which offset a drop in North America, the company explained.

Image: A Pomellato store in Munich, Germany. (Shutterstock)

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