• Mon. Feb 26th, 2024

Kering’s Jewelry and Watch Divisions Outperform Amidst Business Challenges in 2023


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

Despite facing challenges in various segments of its business in 2023, Kering’s jewelry and watch divisions maintained strong sales performance. The company’s “other houses” category, which includes jewelry, watches, and other fashion items, 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. The success of all collections contributed to this momentum. Despite this, the company’s overall sales decreased by 4% to EUR 19.57 billion, with a 17% decrease in profits for the full year. CEO François-Henri Pinault addressed the challenges and uncertainties in the market environment, noting the continued pressure on the company’s results due to investments in its houses.

He also emphasized 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 this, Kering remains committed to prioritizing expenses and investments that support the long-term development and growth of its houses. Kering also expressed a focus on remaining vigilant and disciplined regarding its cost structure.

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