Kering’s jewelry and watch category saw “outstanding” growth in the first quarter, despite a difficult geopolitical environment.
Revenue from the group’s recently formed Kering Jewelry division, which also includes watches, grew 14% year on year on a reported basis, coming to a record EUR 269 million ($317 million) for the three months that ended March 31. It was the luxury conglomerate’s highest-performing segment during the period, the company said Tuesday.
“Nearly all our houses delivered growth during the quarter, with a particularly strong contribution from jewelry,” said Kering CEO Luca de Meo.
The company cited “standout” jewelry demand in the Japan and Asia Pacific regions.
By brand, Kering singled out Boucheron as achieving the highest growth rate in the group during the period. Pomellato also delivered solid gains thanks to demand in Japan and the success of the jeweler’s core collections. The DoDo brand continued its positive streak, while Asia drove strong performance at Qeelin.
The company created the Kering Jewelry entity in March to help structure and accelerate growth for its jewelry businesses.
Total revenue for the group — which also owns fashion houses Gucci and Yves Saint Laurent — slipped 6% to EUR 3.57 billion ($4.21 billion) for the quarter. The decrease stemmed from a sharp drop in Gucci sales, as well as a March decline in the Middle East due to the conflict.
Image: A Boucheron store in Tokyo, Japan. (Shutterstock)
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Source : Rapaport