Kering reported strong sales in its jewelry and watch categories 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.
Kering’s jewelry houses experienced double-digit growth in the fourth quarter. The success of all collections contributed to this momentum. Despite this, Kering’s overall 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 that continued pressure on the company’s results due to investments in its houses will have an effect on its full-year recurring operating income, particularly in the first half of 2024.
Despite these challenges, Kering remains committed to prioritizing expenses and investments that support the long-term development and growth of its houses. The company also expressed a focus on remaining vigilant and disciplined regarding its cost structure. In summary, while Kering faced challenges in various segments of its business in 2023