Kering’s Jewelry Houses Grow 14% As Fashion Business Shrinks

By JCK News Desk | July 28, 2026

Kering’s jewelry houses delivered the French luxury group’s clearest bright spot in a mixed first half of 2026.

In results announced Tuesday, Kering said its jewelry business—Boucheron, Pomellato, DoDo, and Qeelin—grew 14% as reported and 20% on a comparable basis. The group’s much larger fashion and leather goods business fell 5% as reported and 1% comparable.

Kering credited much of the jewelry gain to Boucheron, which it said reached new record levels, helped by the launch of Quatre XS, a variation on the house’s Quatre collection.

Recurring operating income for the jewelry segment overall rose 106%.

Kering singled out Japan, where its jewelry houses drove a 67% jump in second-quarter retail sales and a 61% gain for the first half of 2026. The strength was enough to lift group retail revenue in Japan by 9% in the quarter, even as fashion and leather goods retail slipped by 1%. Kering attributed the improvement to momentum at its jewelry houses, good performance from Bottega Veneta and Saint Laurent, and a more favorable tourism environment in Japan.

For all its momentum, Kering Jewelry only accounts for roughly 7% of the group’s first-half revenue. About 80% of its revenue is generated by the fashion and leather goods segment. The group, as a whole, is actively shrinking.

According to results released Tuesday, Kering has closed 84 stores on a net basis in the first half of this year, compared with 75 net closures in 2025. More closures are on the horizon, with the group targeting an additional 16 stores scheduled to be closed by the end of this year. The group is also reducing its employees. Headcount is at 41,147, down from the 44,000 the company reported in 2025.

Net income attributable to the group fell 60%, to €189 million ($215 million) from €474 million. According to its press release, Kering booked €223 million in nonrecurring operating items which account for most of the reduction of income this year. Among those cited were impairments of its distribution network, restructuring, and the disposing of its Via Monte Napoleone building in Milan.

Even as the company’s footprint shrinks, its balance sheet is getting stronger. Net debt fell €4.7 billion in the half, to €3.3 billion from €8.0 billion at the close of 2025.

The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer Sam Cooley.

Stile Libero high jewelry collection Silent Lagoon ring in 18k rose gold with oval-cut Ceylon sapphire, 87 blue spinels, 360 sapphires, and 77 diamonds, price on request; Pomellato (photo courtesy of Pomellato)