The conglomerate — whose portfolio includes fashion heavyweights like Gucci, Saint Laurent, and Bottega Veneta — posted Q1 revenues of €3.9 billion ($4.2 billion). Its “Other Houses” division, which includes high jewellery brands Boucheron, Pomellato, DoDo, and Qeelin, along with fashion and leather goods labels such as Balenciaga, Alexander McQueen, and Brioni, recorded an 11% decline both on a reported and comparable basis.
While Kering did not release detailed financial figures for individual jewellery brands, the company noted that Pomellato enjoyed an “excellent quarter,” particularly due to new additions in its popular Nudo line. Qeelin, the Hong Kong-based brand known for blending Chinese cultural motifs with fine craftsmanship, achieved what the group described as “outstanding growth.” Boucheron, meanwhile, was said to have delivered a “robust performance” against a high base from the previous year.
However, the lack of granular reporting for each brand has made it difficult to fully assess the breadth of the jewellery segment’s performance — especially as the broader category has shown signs of pressure amid a softening global luxury market.
In a statement, François-Henri Pinault, Chairman and CEO of Kering, acknowledged the tough macroeconomic environment, saying:
“We are increasing our vigilance to weather the macroeconomic headwinds our industry faces, and I am convinced that we will come out stronger from the present situation.”
The results follow a similar trend from FY 2024, when revenue across Kering’s “Other Houses” — including its jewellery portfolio — declined by 8%. While Pomellato and Qeelin’s momentum may point to selective strength in the jewellery segment, the group as a whole faces continued pressure from shifting consumer sentiment and global economic uncertainty.
