Kering Jewelry Sales Shine Bright Despite Fashion Woes

Gems News: Gucci Fashion Products Struggles but Jewelry Sparkles Kering, the luxury conglomerate behind high-profile brands such as Gucci and Yves Saint Laurent, reported a sharp 16 percent slump in group revenue for the first half of 2025, amounting to €7.59 billion ($8.77 billion). While its flagship fashion label Gucci dragged down earnings with a 26 percent drop in H1 revenue, the group’s jewelry segment defied market trends and demonstrated notable resilience.

Sales of high-end jewellery by Kering’s Boucheron brand continued to do well in the last 12 months
Image Credit: Boucheron

This Gems News report highlights that jewelry brands under the Kering umbrella—including Boucheron, Pomellato, and Qeelin—not only held steady but even expanded their presence in key markets like the U.S. and China. The division, housed under the group’s “other houses” segment alongside fashion names like Balenciaga and Alexander McQueen, generated €1.46 billion ($1.69 billion) in revenue in the first half, marking a 15 percent decline year-over-year. However, compared to the broader luxury fashion sector’s downturn, this was seen as a relatively strong performance.

Strategic Shift as Leadership Changes Loom

Kering CEO François-Henri Pinault described the first half of the year as “a period of momentous decisions,” signaling structural changes and the continuation of cost streamlining across the group. Pinault, who will step down on September 15, is handing over leadership to former automotive executive Luca de Meo. In parallel, the group made major leadership shake-ups across key brands—Balenciaga welcomed Pierpaolo Piccioli as its new creative director, while Demna Gvasalia moved to Gucci. Brioni and Ginori 1735 also appointed new CEOs.

Despite the disappointing figures in fashion, Kering remains optimistic. “Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering’s development,” Pinault emphasized.

The Nudo Rings by Kering’s Pomellato stores sold extremely well in the last 12 months.
Image Credit: Pomellato

Jewelry Drives New Investment Vision

The jewelry segment, in particular, stands out as a silver lining. Boucheron expanded its footprint in the U.S., launching its first West Coast flagship in Los Angeles while unveiling a new high jewelry collection. Pomellato also made waves with a new high jewelry collection in collaboration with Gucci—a partnership that garnered significant buzz within industry circles. Meanwhile, Qeelin’s sales recorded “substantial growth,” driven largely by its traction in the Asian market.

In light of this performance, Kering has revealed plans for a targeted reinvestment into its jewelry business. This move suggests that while fashion may be faltering in today’s climate, jewelry could well be Kering’s golden ticket to growth in the next chapter of luxury.

The company’s focus on bolstering its jewelry houses signals a shift in strategy that could pay off handsomely. While fashion labels face headwinds due to changing consumer sentiment and global economic turbulence, the continued appetite for high-end jewelry—particularly in markets like China and the United States—offers a more stable path forward. Kering’s ability to leverage heritage, craftsmanship, and innovation within its jewelry lines may yet prove the key to weathering the current storm in luxury retail.

For the latest about Kering and its jewellery brands, keep on logging to Gems News.