• Fri. Feb 23rd, 2024

Kering Jewelry and Watches Outperform Despite Company-Wide Sales Decline in 2023

ByEditor

Feb 11, 2024
Kering’s Jewelry Thrives in Tough Economy

Kering’s jewelry and watch categories performed exceptionally well in 2023, despite a difficult year for the group. The company’s “other houses” category, which includes fashion items in addition to jewelry and watches, saw a 9% decline in sales, totaling EUR 3.51 billion. However, Kering observed strong sales in its jewelry division during the fourth quarter of the year.

Kering’s jewelry houses experienced double-digit growth in the fourth quarter, with all collections contributing to this momentum. Despite this, the company’s overall sales decreased by 4% to EUR 19.57 billion and profits dropped by 17%. CEO François-Henri Pinault addressed these challenges and uncertainties in the market environment. He emphasized that Kering’s investment strategy will continue to impact full-year recurring operating income, particularly in the first half of 2024. Despite this, the company remains committed to prioritizing expenses and investments that support long-term development and growth of its houses while remaining vigilant about cost structure.

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