Jewelry Strong for Kering in First Half

RAPAPORT… Kering reported solid jewelry sales during the first half of 2021, led by a recovery in Asia and strong demand for its Qeelin brand.

The group’s jewelry houses, which also include Boucheron and Pomellato, delivered an “outstanding performance” in all regions and across all channels, Kering reported Tuesday.

“Our jewelry houses all posted sharp rebounds, with significant triple-digit increases…in the second quarter,” Kering chief financial officer Jean-Marc Duplaix explained in an earnings call transcribed by Seeking Alpha. “Boucheron and Pomellato leveraged their recent successful expansion in Asia Pacific, mainland China in particular. Qeelin also had a truly spectacular first half, tripling its [2019 first-half] revenue level.”

Revenue at watch brands Ulysse Nardin and Girard-Perregaux also jumped by triple-digit figures during the second quarter, Kering added.

Sales at Kering’s “other houses” segment — which includes jewelry and watches, as well as other fashion products — climbed 61% on a reported basis to EUR 1.48 billion ($1.74 billion) during the first six months. Same-store sales grew 65%.

Sales for the Kering group, which owns Gucci and Yves Saint Laurent, grew 50% to EUR 8.05 billion ($9.51 billion), while profit was up 135% to EUR 2.24 billion ($2.64 billion).

Image: A Qeelin store in Hong Kong. (Shutterstock)