Kering reported robust sales growth for its jewelry brands in the first half of 2024, despite a challenging luxury market impacting overall group revenue.
According to Kering’s statement on Wednesday, its Boucheron and Pomellato jewelry brands experienced double-digit growth for the six months ending June 30. However, sales in the second quarter fell in Asia Pacific due to declining consumer interest in luxury items, although demand increased in Japan. Kering also owns the jewelry brand Qeelin.
The growth in jewelry came amidst a decline in the “other houses” segment, which includes jewelry, watches, and fashion brands such as Balenciaga, Alexander McQueen, and Brioni. This segment saw a 7% drop in sales, totaling EUR 1.72 billion ($1.86 billion) for the first half of the year. Same-store sales, which measure performance at stores open for at least a year, fell 6%. The segment’s profit plummeted by 80% to EUR 44 million ($47.7 million).
Overall, Kering’s revenue decreased by 11% to EUR 9.02 billion ($9.78 billion). The group also owns well-known fashion brands Gucci and Yves Saint Laurent.
