Kering’s jewelry and watch categories reported strong sales in 2023, despite a challenging year for the group as a whole. The company’s “other houses” category, which includes jewelry, watches, and other fashion items, saw a 9% decrease in sales, totaling EUR 3.51 billion. However, Kering observed strong sales in its jewelry division during the fourth quarter of the year.
The success of all collections contributed to this momentum. Overall, Kering’s sales decreased by 4% to EUR 19.57 billion, with a 17% decrease in profits for the full year. CEO François-Henri Pinault addressed these challenges and uncertainties in the market environment, noting continued pressure on Kering’s results due to investments in its houses.
He emphasized that the impact of Kering’s investment strategy will have an effect on the group’s full-year recurring operating income, particularly in the first half of 2024. Despite this, he reiterated that Kering remains committed to prioritizing expenses and investments that support long-term development and growth of its houses while remaining vigilant and disciplined regarding its cost structure.