Jewelry Strong for Kering in Challenging Market

Kering reported strong sales for its jewelry houses in the first half of 2024, even as the overall weak market for luxury dented group revenue. 

The group’s Boucheron and Pomellato jewelry houses delivered double-digit growth during the six months that ended June 30, Kering said Wednesday. Sales in the second quarter slipped in Asia Pacific as consumer sentiment for luxury goods waned, while demand strengthened in Japan. Kering also owns jewelry brand Qeelin. 

The rise for the category came amid a drop in revenue for the “other houses” segment — which includes jewelry and watches, as well as other fashion products such as Balenciaga, Alexander McQueen and Brioni. Sales for the division declined 7% on a reported basis to EUR 1.72 billion ($1.86 billion) during the first six months. Same-store sales — at branches open at least a year — slipped 6%. Profit plunged 80% to EUR 44 million ($47.7 million). 

Revenue for the Kering group, which also owns fashion brands Gucci and Yves Saint Laurent, fell 11% to EUR 9.02 billion ($9.78 billion). 

Image: A Boucheron store in Japan. (Kering)