RAPAPORT… Kering’s jewelry and watch divisions grew sharply in the first quarter amid strong sales in North America and Western Europe.
Revenue from the company’s “other houses” segment, which includes jewelry and watches, rose 35% year on year to EUR 973.4 million ($1.05 billion) for the three months ending March 31, the company said last week.
“Kering’s other houses posted an extremely strong first quarter,” the company noted. “The jewelry houses maintained their exceptional momentum.”
Total revenue for the group, which owns jewelry brands Boucheron, Pomellato and Qeelin, as well as fashion lines Gucci and Yves Saint Laurent, climbed 27% to EUR 4.96 billion ($5.35 billion) for the January-to-March period. The strong increase in North America and Western Europe offset a drop in Asia Pacific, most notably in mainland China, as the government implemented new lockdown measures to stem the spread of Covid-19.
Online sales continued to see solid advances, accounting for 15% of total retail sales, Kering added.
Image: A Boucheron store in London. (Shutterstock)
Kering Sees ‘Exceptional’ Jewelry Sales
The Bottom Line
- Kering's 'other houses' segment, including jewelry and watches, reported a 35% revenue increase to EUR 973.4 million ($1.05 billion) in Q1 2024.
- The group's total revenue rose 27% to EUR 4.96 billion ($5.35 billion), supported by strong performance in North America and Western Europe.
- Online sales accounted for 15% of total retail sales, reflecting continued growth in digital channels.
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