In 2024, Kering experienced robust sales in its jewelry and watch divisions, despite facing challenges in other segments. Despite a decline of 9% in the overall sales of the “other houses” category, which includes jewelry, watches, and other fashion products, Kering’s jewelry segment reported strong sales, particularly in the fourth quarter of the year.
Kering’s jewelry houses including 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. CEO François-Henri Pinault acknowledged that the uncertain market environment in 2024 would impact their results in the short term but emphasized that continuing investments in their houses would contribute to their long-term development and growth.
The group’s overall sales decreased by 4% to EUR 19.57 billion ($21.09 billion), and profit for the full year dropped by 17% to EUR 2.98 billion ($3.22 billion). Despite these declines, Kering anticipates a decline in recurring operating income due to ongoing normalization of sector growth and investment strategy. The company intends to prioritize expenses and investments that support long-term development while maintaining discipline with cost structure.
In Milan, Italy, a Pomellato store stands as an image of Kering’s continued success in its jewelry segment despite challenges faced by other segments. Sign up for diamond and jewelry industry news and analysis to stay informed on future developments within this multinational luxury goods conglomerate corporation headquartered in Paris, France.