Kering’s Jewelry and Watch Division Thrives in 2023 Amidst Challenging Year for the Company

Kering’s Jewelry Thrives in Tough Economy

In 2023, Kering’s jewelry and watch categories experienced strong sales growth, despite a challenging year for the company as a whole. The “other houses” category, which includes fashion items in addition to jewelry and watches, saw a 9% decrease in sales, totaling EUR 3.51 billion. However, the company observed strong sales in its jewelry division during the fourth quarter of the year.

The success of all collections contributed to this momentum, with Kering’s jewelry houses experiencing double-digit growth in the fourth quarter. Boucheron, Pomellato, and Qeelin were among the companies that saw significant growth. Despite this, Kering’s overall sales decreased by 4% to EUR 19.57 billion and profits decreased by 17%. CEO François-Henri Pinault addressed these challenges and uncertainties in the market environment while emphasizing that Kering remains committed to prioritizing expenses and investments that support long-term development and growth of its houses. He also highlighted that continued investment in its houses will have an effect on full-year recurring operating income, particularly in the first half of 2024. Despite this financial impact, Kering expressed a focus on remaining vigilant and disciplined regarding cost structure.

Leave a Reply