Kering Jewelry Sales Rise 12% in Third Quarter

(IDEX Online) - Kering's jewelry division increased third-quarter revenue by 12% to EUR 239 million ($277 million), supported by growth at Boucheron and Pomellato, making it one of the stronger performers within the group.

The French luxury conglomerate reported the results on October 22, saying jewelry revenue rose 11% on a comparable basis, which adjusts for changes in exchange rates and the scope of the business.

Kering's flagship Gucci fashion house, by contrast, continued to struggle, with comparable sales down 6% in the third quarter.

Kering Jewelry, which also includes DoDo and Qeelin, generated EUR 239 million ($277 million) in revenue in the third quarter, up 12% from EUR 214 million ($248 million) a year earlier.

The result followed a record first quarter, when the four houses generated EUR 269 million ($312 million), up 14% year on year and 22% on a comparable basis.

Revenue eased to EUR 252 million ($292 million) in the second quarter and EUR 239 million ($277 million) in the third, but remained ahead of the corresponding periods in 2025.

The first-quarter record came despite a 6% fall in Kering's overall revenue, underlining the contrasting performance of its jewelry businesses and its larger fashion houses.

Boucheron maintained strong momentum, supported by the enduring appeal of its Quatre and Serpent Boheme collections and good performance in Japan and South Korea, Kering said.

Pomellato continued to build momentum, particularly in Japan, driven by sustained demand for its Nudo, Iconica and Together collections. Performance at DoDo and Qeelin was mixed, although Qeelin benefited from the launch of its Wulu Purple Jade collection.

Sales through directly operated jewelry stores, including the group's own retail outlets and e-commerce, rose 18% on both a reported and comparable basis. Wholesale and other revenue fell 6%.

For the first nine months of 2026, Kering Jewelry generated EUR 760 million ($882 million) in revenue, up 14% on a reported basis and 17% on a comparable basis from EUR 669 million ($776 million) in the same period of 2025.

The growth follows a strong second half in 2025. Full-year jewelry revenue reached EUR 935 million ($1.085 billion), up 4% on a reported basis and 8% on a comparable basis. Comparable growth accelerated to 15% in the third quarter and 17% in the fourth quarter of that year.

Jewelry has also outperformed Kering's core fashion and leather goods business. In the first nine months of 2026, revenue in that segment fell 4% on a reported basis and 2% on a comparable basis to EUR 8.543 billion ($9.910 billion).

However, jewelry's sales growth has not yet translated into a high level of profitability. The division generated recurring operating income of EUR 31 million ($36 million) in 2025, with a recurring operating margin of 3.4%. In the first half of 2026, recurring operating income increased to EUR 32 million ($37 million), compared with EUR 16 million ($19 million) a year earlier.

Kering has increasingly highlighted jewelry as an important part of its portfolio as it seeks to restore Gucci's appeal and improve performance across its fashion houses.

The results underline the growing importance of jewelry to the group. While the division remains much smaller than fashion and leather goods, it has delivered sustained comparable revenue growth across several quarters, alongside an improvement in operating income.

Pic courtesy Boucheron.