Steady jewellery business at Kering
Luxury group Kering said its jewellery brands recorded strong double-digit growth in the first quarter of the year on the back of sustained market demand for high-end jewellery.
“The performance of Kering’s jewellery houses was outstanding,” the conglomerate said, adding that Q1 was a “remarkable quarter” at Boucheron while Pomellato and Qeelin both saw solid growth.
Overall, Kering’s revenue grew by 2 per cent as reported and by 1 per cent on a comparable basis. François-Henri Pinault, chairman and CEO of the group, said, “Kering’s performance in the first quarter remained mixed, as we had anticipated. As we work to augment the desirability of our brands and raise their profile in key markets, we are encouraged by the gradual improvement in activity month after month during the period.”
Revenue in the directly operated store network, including e-commerce, rose 4 per cent on a comparable basis, with all houses contributing to the growth. Kering attributed the increase to good momentum in Western Europe and Japan. “Revenue was down in North America but resumed growth in Asia Pacific due to the gradual recovery of the Chinese market,” the group added.