Kering’s jewelry and watch categories performed exceptionally well in 2023, despite the challenges faced by 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.
The success of all collections contributed to this momentum. The company’s jewelry houses, including Boucheron, Pomellato, and Qeelin, experienced double-digit growth in the fourth quarter. Despite this, Kering’s sales decreased by 4% to EUR 19.57 billion and there was a 17% decrease in profits for the full year.
CEO François-Henri Pinault addressed these challenges and uncertainties in the market environment, noting that continued pressure on Kering’s results due to investments in its houses will impact its full-year recurring operating income. He emphasized that the company remains committed to prioritizing expenses and investments that support the long-term development and growth of its houses while also being vigilant and disciplined regarding its cost structure.
Kering expects continued investment in its houses despite near-term financial impacts. In summary, while various segments of Kering faced challenges in 2023