Kering Jewelry Posts Record Growth as Gucci Struggles Continue
Jewelry revenue rose 14% to €269 million as Boucheron led Kering, even while Gucci fell 14% to €1.347 billion.
Kering’s jewelry division turned in a record quarter just as Gucci kept dragging on the group. Jewelry revenue reached €269 million, up 14% as reported and 22% on a comparable basis, while Gucci fell 14% to €1.347 billion and Kering’s total first-quarter revenue slipped 6% to €3.568 billion.
The split tells the story of where luxury demand is still holding. Kering said fashion and leather goods revenue came in at €2.852 billion, down 9% as reported and 3% on a comparable basis, even as nearly all of the group’s houses grew. Jewelry stood out most clearly, with sales in directly operated stores up 28% and wholesale revenue up 14%, a sign that the category is benefiting from both flagship traffic and trade demand.
Boucheron delivered the strongest growth in Kering’s jewelry division and the strongest growth anywhere in the group during the quarter. Pomellato posted solid growth driven by key collections, DoDo extended several quarters of sustained growth, and Qeelin recorded strong performance driven by Asia. Kering said demand was especially strong in Japan and Asia-Pacific, regions that continue to reward houses with a defined design identity and recognizable craftsmanship.
That resilience matters because jewelry behaves differently from logo-heavy fashion. A well-chosen ring, pendant, or bracelet is less hostage to the season than a handbag or jacket, and it is often bought for a birthday, an anniversary, or a milestone that makes the purchase feel more deliberate. In a luxury market still dealing with geopolitical pressure and softer tourist traffic in key markets, that kind of buying pattern gives jewelry a sturdier base.
Kering pushed that message further at its Capital Markets Day in Florence on April 16, where it unveiled ReconKering, its new strategic plan. The company also said it had completed major transactions in beauty, jewelry, and real estate, moves designed to sharpen focus and strengthen the balance sheet. Armelle Poulou pointed to the category’s strong underlying fundamentals and disciplined scaling across houses and regions.
For now, the clearest proof of Kering’s luxury reset is sitting in jewelry vitrines, not on Gucci racks. The houses with the most distinct signatures are growing, and that is where the group’s next chapter is beginning to look most durable.
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