During Kering’s much-anticipated Capital Markets Day presenting its new strategic plan, CEO Luca de Meo said the fashion and accessories group plans to focus on its jewelry brands to boost profits.
Kering unveiled a strategic road map for revenue growth called ReconKering during the online conference call with media and employees today from Florence.
“ReconKering is our way of reconnecting with what makes Kering unique, while embracing what luxury is becoming. ‘True Luxury’ is our mission, and ‘Next Luxury’ is our horizon,” de Meo said. “This plan brings the two together with the agility of a challenger, a renewed focus on desirability, and a stronger commitment to execution.
“We approach this next phase with ambition, humility, and a deep confidence in our teams, who will be the driving force behind the group’s return to growth and improved performance.”
De Meo said Kering aims to double its jewelry revenue by 2030, with strategies tailored to each brand’s DNA and client base. He plans for Kering’s jewelry brands—Boucheron, Pomellato, DoDo, and Qeelin—to work closely with its fashion houses, including Gucci, Saint Laurent, and Bottega Veneta.
For Boucheron, Kering said it will focus on the maison’s iconic product lines, move into watches, and expand in Asia and the United States. Plans for Pomellato include strengthening its position within colored stones and increasing stores’ productivity.
In a statement posted following the call, de Meo—who became CEO last September—said, “Nearly all our houses delivered growth during the quarter, with a particularly strong contribution from jewelry.”
Kering said the gradual integration of Raselli Franco, the Italian jewelry manufacturer it is acquiring in stages, into the new Kering Jewelry unit will provide “a strategic industrial platform, enhancing craftsmanship, vertical integration, and traceability across the portfolio.”
In its first-quarter earnings, released Tuesday, Kering reported, “Brand traction was particularly solid at Boucheron, which delivered the strongest growth in the group this quarter. Pomellato also posted sound growth, driven by Japan and the success of its key collections. DoDo extended several quarters of sustained growth while Qeelin recorded a strong performance, driven by Asia.”
Kering Jewelry “delivered an outstanding performance,” with record-high revenue of 269 million euros. Sales rose in the first quarter of 2026, while comps were up 22%. The division is “clearly standing out as a growth engine,” Kering CFO Armelle Poulou said on the earnings call.
“The category benefits from strong underlying fundamentals and from the disciplined way we are scaling it across houses and regions,” Poulou said. “With strong brand desirability, a growing retail footprint, and an increasingly integrated industrial backbone, we are confident in jewelry’s ability to increase its contribution to group revenue over time.”
For the first quarter of 2026, Kering reported overall revenues of 3.57 billion, down 6% year-over-year.
Two other luxury companies, LVMH and Hermès, released Q1 results this week. Hermès reported that sales in the company’s stores worldwide increased 7% for the quarter, despite a slowdown in tourism in the Middle East due to the Iran war. The copany had sales of 4.1 billion euros (approximately $4.8 billion) for the first quarter. Total sales grew 5.6% year-over-year.
Sales in Hermès’ watch division declined 4%, while the jewelry and home sector was up 7%. In the financial report, the company said its first haute jewelry event, Double Tour in Tokyo in March, was a success, presenting a jewelry narrative based on “the beauty of an ever-renewed bond.”
“In a tense geopolitical environment, Hermès maintains its course, true to its long-term strategy,” executive chairman Axel Dumas said in a statement. “Supported by its abundant creativity, its uncompromising quality and the loyalty of its clients, Hermès is continuing its profitable growth in 2026 with confidence and conviction. The fundamentals of the Hermès model are more than ever a differentiating strength.”
In its results, LVMH said the company “maintained its powerful innovative momentum and showed good resilience in a geopolitical and economic environment that remained disrupted, amplified by the conflict in the Middle East.”
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