Kering Jewelry Revenue Rises 14 Percent to Record €269 Million

Kering’s jewelry maisons turned in the clearest sign of resilience in an otherwise bruised quarter, pushing revenue to a record €269 million as Boucheron, Pomellato, DoDo and Qeelin gave the group a rare pocket of momentum. Jewelry sales rose 14 percent on a reported basis and 22 percent on a comparable basis, a stronger showing than any other part of the portfolio and a reminder that finely made pieces still command attention even when the broader luxury market is under strain.

That matters because Kering’s overall first-quarter revenue fell 6 percent to €3.568 billion, flat on a comparable basis, while Gucci remained the obvious drag at €1.347 billion, down 14 percent reported and 8 percent comparable. The contrast was stark: one side of the house is still trying to regain its footing, while the jewelry division is increasingly behaving like a luxury business with its own gravity. In a market pressured by geopolitical disruption and cautious spending, the strongest signal is not volume but conviction, and jewelry is where Kering is finding it.

Kering said the quarter marked “gradual improvement” and “an important first step” in its recovery. It also created Kering Jewelry on March 16, bringing the four maisons together with industrial capabilities that include Raselli Franco Group, which is being integrated. The structure is telling. Rather than treating jewelry as a side category, Kering is now organizing it as a platform built to scale, support growth and sharpen execution.

The engine behind the numbers was not abstract. Kering said the division benefited from new collections rolling out in stores, a stronger category focus, and particularly good performance in Japan and Asia. Wholesale revenue rose 6 percent on a comparable basis, helped by eyewear, while directly operated retail, including e-commerce, fell 2 percent comparable. That split suggests the jewelry business is being driven by more than broad traffic. The maisons with the clearest fine-jewelry identities are winning where desirability is most concentrated, and the client response is coming through in markets where top-end luxury still has room to run.

Armelle Poulou called the division “a growth engine,” and that phrase fits the quarter better than any generic turnaround language. Kering’s scheduled Capital Markets Day in Florence on April 16, where it planned to present its ReconKering roadmap, was meant to frame the strategy more fully. For now, the clearest luxury signal inside the group is the one set in gold, diamonds and disciplined category focus, while Gucci remains the unfinished part of the story.