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Jewelry Growth Strong for Kering in 1H

Luxury group notes solid performance at Boucheron, Qeeling and Pomellato.
Jul 28, 2019 6:12 AM   By Rapaport News
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RAPAPORT... Kering, the owner of high-fashion houses Gucci and Yves Saint Laurent, reported solid growth in its jewelry and watch divisions in the first half of 2019, driven by increased sales in Asia Pacific and western Europe.

Revenue from houses other than Gucci, Yves Saint Laurent and Bottega Veneta jumped 20% to EUR 1.23 billion ($1.37 billion). The category includes jewelry and watch brands such as Boucheron, Pomellato and Qeelin, as well as couture and leather goods, ready-to-wear, and shoes. Profit for that “other” category surged 55% to EUR 138.3 million ($154.2 million). 

“Excellent performances of other houses [were] powered by Balenciaga, Alexander McQueen, and the jewelry houses,” the luxury retailer said last week.

Total sales across all divisions climbed 15% to EUR 7.64 billion ($8.52 billion) for the first six months of the year, while profit rose 24% to EUR 2.37 billion ($2.64 billion).

“The success of our brands, built on creativity, innovation, and customer dedication, along with rigorous execution and financial discipline, are delivering a superior combination of organic growth and sustainable profitability,” Kering CEO François-Henri Pinault added.

Image: The Boucheron Wolf Ring. (Boucheron)
Tags: Alexander McQueen, Balenciaga, Bottega Veneta, boucheron, François-Henri Pinault, gucci, kering, Pomellato, Qeelin, Rapaport News, Yves Saint Laurent
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