"Double-Digit" Revenue Increase for Kering's Jewelry Houses
October 25, 25
(IDEX Online) - Kering says its Boucheron, Pomellato, DoDo, and Qeelin jewelry houses enjoyed a double-digit increase in year-on-year revenue during Q3.
But the French luxury conglomerate saw overall revenue fall 10 per cent (5 per cent on a comparable basis) to EUR 3.4 bn (USD 3.9 bn).
This was an improvement on its 15 per cent drop during Q2.
"The jewelry houses saw very solid momentum, with revenue up double digits," Kering said in an update published on 22 October.
But it did not provide a house-by-house breakdown, nor did it specify the contribution made by the jewelry houses combined. They are listed simply under "other houses" - luxury labels other than Kering's core fashion houses - where quarterly revenue actually fell by 5 per cent to EUR 652m (USD 757m).
Gucci, the fashion label that accounts for over a third of Kering's total earnings, reported an 18 per cent drop in Q3 revenue and Yves Saint Laurent was down 7 per cent.
In its comments on "other houses," Kering said: "Boucheron's development in the United States and Asia-Pacific was particularly encouraging. Revenue was up at Pomellato, whose High Jewelry line was very well received. Qeelin maintained its very positive trajectory in Asia-Pacific."
In August, Kering revealed it was paying its new CEO, former Renault boss Luca de Meo, a welcome bonus of EUR 20m (USD 23m) in addition to his EUR 2.22m (USD 2.6m) annual fixed remuneration, in addition to substantial performance-related bonuses.
Pic courtesy Pomaletto.