In 2023, Kering’s jewelry and watch divisions experienced robust sales despite facing challenges in other segments. The “other houses” category, which includes jewelry, watches, and other fashion products, saw a decline of 9% to EUR 3.51 billion ($3.79 billion). However, the jewelry segment reported strong sales, particularly in the fourth quarter of the year.
Kering’s jewelry houses Boucheron, Pomellato, and Qeelin maintained excellent momentum with double-digit growth in the fourth quarter. The success of all collections contributed to the strong performance of the jewelry brands. Despite this success, Kering’s overall sales decreased by 4% to EUR 19.57 billion ($21.09 billion) and its profit for the full year dropped by 17% to EUR 2.98 billion ($3.22 billion). CEO François-Henri Pinault acknowledged the uncertain market environment in 2024 and emphasized that continuing investments in the company’s houses will impact its results in the short term.
Kering anticipates a decline in its full-year recurring operating income in 2024 due to ongoing normalization of the sector’s growth and investment strategy. The company intends to prioritize expenses and investments that support long-term development and growth of its houses while maintaining vigilance and discipline with cost structure. A photo of a Pomellato store in Milan was included with this article as a visual representation of Kering’s continued success in this segment of its business.