Luxury conglomerate Kering reported a 14% year-on-year drop in revenue for Q1 2025, totalling €3.88 billion, as sluggish retail traffic and macroeconomic headwinds weighed on most of its brands. However, the Group’s jewellery houses—Boucheron, Pomellato, and Qeelin—were bright spots in an otherwise muted quarter.
Boucheron delivered robust performance over a strong prior-year base, Pomellato posted an “excellent” quarter buoyed by new additions to its popular Nudo line, and Qeelin recorded “outstanding” growth. These gains came as part of a wider jewellery division strategy focused on product innovation and expanding cultural relevance.
Overall revenue for Kering’s Other Houses, which includes its jewellery brands, declined 11%, but jewellery bucked the trend with consistent consumer demand and strategic development.
While Gucci’s sales slumped 25%, and other fashion brands struggled, the resilience of Kering’s jewellery lines underscores their growing importance to the Group’s long-term vision.