Kering’s Jewelry Thrives in Tough Economy

Kering reported a 9% decrease in sales in its “other houses” category, totaling EUR 3.51 billion in 2023. However, the company’s jewelry division experienced strong sales during the fourth quarter of the year, with Boucheron, Pomellato, and Qeelin all experiencing double-digit growth. Despite this, Kering’s overall sales decreased by 4% to EUR 19.57 billion and profits decreased by 17% for the full year.

Kering CEO François-Henri Pinault acknowledged the challenges and uncertainties in the market environment and noted that continued pressure on the company’s results was due to investments in its houses. He also emphasized that Kering would remain committed to prioritizing expenses and investments that support the long-term development and growth of its houses. The company also expressed a focus on remaining vigilant and disciplined regarding its cost structure.

While Kering faced challenges in various segments of its business in 2023, its jewelry and watch divisions maintained strong sales performance. The company anticipates continued investment in its houses, despite near-term financial impacts such as a decrease in profitability for the first half of 2024.

By Editor

Leave a Reply