• Sat. Feb 24th, 2024

Kering’s Jewelry and Watch Divisions Shine Despite Group Sales Decline

ByEditor

Feb 11, 2024
Kering’s Jewelry Thrives in Tough Economy

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

Kering’s jewelry houses, including Boucheron, Pomellato, and Qeelin, experienced double-digit growth in the fourth quarter due to the success of all collections. Despite this momentum, overall Kering’s 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 and emphasized that Kering is committed to prioritizing expenses and investments that support long-term development and growth of its houses.

He also highlighted that the impact of Kering’s investment strategy will have an effect on the group’s full-year recurring operating income, particularly in the first half of 2024. Despite near-term financial impacts, Kering remains focused on remaining vigilant and disciplined regarding its cost structure. In summary, while Kering faced challenges in various segments of its business in 2023, its jewelry and watch divisions maintained strong sales performance.

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