Despite a challenging year for the group as a whole, Kering reported strong sales in its jewelery and watches categories in 2023. The company’s “other home” category, which includes jewelry, watches and other fashion items, saw sales fall 9 percent to a total of 3.51 billion euros. However, Kering saw strong sales in its jewelry division during the fourth quarter of the year.

Kering’s jewelry houses, including Boucheron, Pomellato and Keelin, posted double-digit growth in the fourth quarter. The success of all collections contributed to this momentum. Overall, Kering’s sales fell 4% to 19.57 billion euros, with profits down 17% for the full year. CEO Francois-Henri Pinault addressed the challenges and uncertainties in the market environment, noting continued pressure on the company’s results due to investments in its houses.

He also emphasized that the impact of Kering’s investment strategy will affect the group’s recurring operating income throughout the year, especially in the first half of 2024. Despite this, the company remains committed to prioritizing expenditures and investments that support the long-term development and growth of its houses. Kering also expressed a focus on remaining cautious and disciplined in its cost structure.

In summary, while Kering faced challenges in various segments of its business in 2023, its jewelry and watches divisions maintained strong sales results. The company expects to continue investing in its houses

By Editor

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