20 Sep 2021
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Jewellery was a Strong Performer for Kering in First Half
Kering reported strong recovery, thanks to increase in demand in Asia
By: Diamond World News Service
Jul 29 2021 4:15PM
Reference: 25750  

Pomellato's flagship store in China

Kering-owned jewellery houses, all posted sharp rebounds with significant triple-digit increases across channels and geographies in Q2, Kering reported. 

Boucheron and Pomellato leveraged their recent successful expansion in Asia Pacific, Mainland China in particular. Qeelin also had a truly spectacular first half, tripling its H1 2019 revenue level. Revenue in watches was also up triple digits in the quarter.

Overall, retail showed a nice sequential acceleration in Q2, up 16% on a two-year stack, after a 6% increase in Q1. Wholesale and other revenue accounted for the other 18%. Wholesale was up 67%. This quarter in addition to low comps, the overall performance was supported by the great success of the collection, and high sell out generating reorders notably from the US, but also from Mainland.

Sales for the Kering group, which owns Gucci and Yves Saint Laurent, grew 50% to EUR 8.05 billion ($9.51 billion), while profit was up 135% to EUR 2.24 billion ($2.64 billion).

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