French Luxury Group Kering Reports 2% growth. Boucheron, Pomellato, DoDo, and Qeelin remain significant contributors

Kering, the French luxury group, has reported a 2% growth in total group revenue of €5.07 billion in Q1 2023, with its jewellery division that includes brands Boucheron, Pomellato, DoDo, and Qeelin, contributing significantly to the increase.

The jewellery division’s sales in the directly operated store network, including e-commerce, rose by 4% on a comparable basis, with all Group Houses contributing to the growth. The increase was driven by good momentum in Western Europe and Japan. Revenue was down in North America but resumed growth in Asia-Pacific due to the gradual recovery of the Chinese market.

Kering’s Other Houses generated revenue of €890 million in Q1, down 9%, with mixed performances. However, the performance of Kering’s jewellery division was “outstanding”.

Kering CEO, François-Henri Pinault, said the group’s performance in Q1 remained mixed, but the company was encouraged by the gradual improvement in activity throughout the period. Kering is working to augment the desirability of its brands and raise their profile in key markets. Pinault added that a host of initiatives undertaken by all Kering’s Houses to enhance their appeal and exclusivity laid the foundations for sustained, profitable growth.