Kering reported strong sales in its jewelry and watch categories in 2023, despite a challenging year for the group as a whole. The company’s “other houses” category, which includes jewelry, watches, and other fashion items, saw a 9% decrease in sales, totaling EUR 3.51 billion. However, Kering observed strong sales in its jewelry division during the fourth quarter of the year.
Kering’s jewelry houses, including Boucheron, Pomellato, and Qeelin, experienced double-digit growth in the fourth quarter. The success of all collections contributed to this momentum. Despite this, the company’s overall sales decreased by 4% to EUR 19.57 billion and profits dropped by 17%. CEO François-Henri Pinault addressed these challenges and uncertainties in the market environment while noting continued pressure on the company’s results due to investments in its houses. He emphasized that Kering remains committed to prioritizing expenses and investments that support the long-term development and growth of its houses while also focusing on remaining vigilant and disciplined regarding its cost structure.