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Kering Reports ‘Exceptional’ Year for Jewelry

Feb 17, 2022 7:20 AM   By Rapaport News
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Kering saw strong sales in its jewelry and watch divisions in 2021 as all regions in the French luxury conglomerate’s network rebounded.

Sales at Kering’s “other houses” segment — which includes jewelry and watches as well as other fashion products — surged 43% on a reported basis to EUR 3.26 billion ($3.71 billion) during the year. Revenue at stores that were open a year earlier grew 44%.

“All jewelry houses had an exceptional year,” the owner of high-fashion houses Gucci and Yves Saint Laurent said Thursday. “Boucheron enjoyed success in new markets, Pomellato continued to grow at an exceptional pace, and Qeelin saw very rapid expansion.”

Group sales increased 35% on a reported and comparable basis to EUR 17.65 billion ($20.04 billion) and rose 11% compared to 2019. Profit for the full year jumped 48% to EUR 3.18 billion ($3.61 billion). Online sales soared 55%, with the penetration rate doubling over the past two years, Kering noted. E-commerce revenue accounted for 15% of Kering’s total sales during the year, higher than the 13% in 2020, when coronavirus-induced store closures meant customers could only purchase online.

“All our houses achieved sharp sales rebounds, way beyond their 2019 levels,” said Kering CEO François-Henri Pinault. “All...are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in [the] coming years.”

Image: A Pomellato store in Düsseldorf, Germany. (Shutterstock)
Tags: boucheron, François-Henri Pinault, gucci, Jewelry, kering, Pomellato, Qeelin, Rapaport News, Yves Saint Laurent
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