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Kering Watch Sales Lag in Tough Market

Aug 1, 2016 5:01 AM   By Rapaport News
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RAPAPORT... Kering’s jewelry brands outperformed watches in the first half as revenue from timepieces extended a decline amid a challenging market environment.

Watch and jewelry sales fell 4.4 per cent from a year ago to an estimated $390 million (EUR 349 million), according to data compiled by Rapaport News. The two industry segments represent about 9 percent of the group’s current luxury sales, compared with 9.7 percent a year earlier, Kering reported.

Revenue increased in each of the group’s luxury categories except timepieces. Brands include Boucheron, Dodo, Girard-Perregaux, Pomellato and Ulysse Nardin.

“Jewelry brands reported a slight overall rise in sales during the period, but revenue from watches contracted sharply once again due to ongoing highly unfavorable market conditions,” the Paris-headquartered luxury group said.

Kering’s group revenue increased 3.3 percent to $6.36 billion, driven by higher sales in western Europe and Japan which offset slower offtake by tourists. Luxury sales climbed 3.1 percent to $4.33 billion boosted by a turnaround at Gucci. Group profit jumped 9.9 percent to $519.1 million.
Tags: boucheron, Dodo, Europe, Girard-Perregaux, gucci, Japan, Jewelry, kering, luxury, Luxury retail, paris, Pomellato, Rapaport News, retail, sales, Ulysse Nardin, watches, Watches and jewelry
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