Kering, the luxury conglomerate housing prestigious jewellery brands like Boucheron, Pomellato, and Qeelin, has faced a challenging Q3 in 2024. The group reported a 15% decline in overall revenue to €3.8 billion, with a 16% drop on a comparable basis compared to the same period in 2023. However, Kering’s jewellery houses demonstrated resilience, contributing to a relatively stable performance amid the downturn.
While the broader luxury sector, including Kering’s fashion houses like Gucci and Yves Saint Laurent, faced declining sales, the company’s jewellery brands have continued to deliver steady results. Boucheron, Pomellato, and Qeelin reported consistent demand, and new expansion initiatives are in progress.
Notably, Boucheron opened its first US boutique on Madison Avenue, New York, in September 2024, signalling the brand’s growing presence in the North American market. Further expansions are planned for Las Vegas, Los Angeles, and Miami by 2025, reflecting Kering’s confidence in its jewellery brands’ growth potential.
Despite challenges in other sectors of the business, including a significant decline in Gucci’s revenue (down 26% year-on-year), Kering’s jewellery houses have shown resilience in difficult market conditions.
Looking ahead, Kering remains cautious due to economic and geopolitical uncertainties impacting luxury demand. However, the company remains committed to its strategy of focusing on high-quality growth, particularly in its jewellery sector, which continues to perform solidly against the backdrop of challenging market conditions.