Kering’s jewelry brands see strong Q3 growth

Lenore Fedow

Boucheron, Pomellato, and its other jewelry houses posted double-digit growth or stronger in the quarter.

Kering’s sales growth slowed in the third quarter as sales in the Asia Pacific region faltered, but its jewelry houses still put on a strong performance.

The company behind Gucci, Saint Laurent, and other high-end brands posted third-quarter revenue of €4.19 billion ($4.87 billion), a 12 percent increase on a comparable basis and 10 percent higher than the third quarter of 2019.

On the back of an excellent first half, Kering achieved a very solid third quarter at group level, up double digits over 2019,” said CEO François-Henri Pinault in a press release about the results. 

Saint Laurent, Bottega Veneta, and our other houses, as well as Kering Eyewear, all posted outstanding performances,” he said.

Revenue from Kering’s directly operated stores, including e-commerce, were up 12 percent year-over-year and up 11 percent compared with 2019.

Online sales continued their growth trajectory, with third quarter revenue up 24 percent year-over-year.

In North America, e-commerce sales accounted for 20 percent of retail sales.

When compared with 2019, overall online sales nearly tripled, up 148 percent.

For the first nine months of the year, overall revenue was up 37 percent year-over-year to €12.24 billion ($14.23 billion).

The company’s watch and jewelry brands, including Pomellato and Boucheron, fall into its “other houses” division, alongside Alexander McQueen and Balenciaga.

Quarterly revenue in the “others” division rebounded, totaling €837.7 million ($981.4 million), a 26 percent increase year-over-year on a comparable basis. 

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Source National Jeweler