In 2023, Kering reported strong sales in its jewelry and watch categories, even though the group faced challenges 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.
Kering’s jewelry houses, including Boucheron, Pomellato, and Qeelin, experienced double-digit growth in the fourth quarter. The success of all collections contributed to this momentum. Despite this, the company’s overall sales decreased by 4% to EUR 19.57 billion, with a 17% decrease in profits for the full year. CEO François-Henri Pinault addressed the challenges and uncertainties in the market environment, noting the continued pressure on the company’s results due to investments in its houses.
He also emphasized that Kering’s investment strategy will have an effect on the group’s full-year recurring operating income, particularly in the first half of 2024. Despite this, Kering remains committed to prioritizing expenses and investments that support the long-term development and growth of its houses. The company expressed a focus on remaining vigilant and disciplined regarding its cost structure.
While Kering faced challenges in various segments of its business in 2023