In 2023, Kering reported strong sales in its jewelry and watch categories, despite facing challenges in various segments of its business. 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.
Despite the challenging market environment, Kering’s jewelry houses experienced double-digit growth in the fourth quarter. 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 the challenges and uncertainties in the market environment, noting that continued pressure on the company’s results due to investments in its houses would have an effect on the group’s full-year recurring operating income, particularly in the first half of 2024.
Pinault emphasized that Kering remains committed to prioritizing expenses and investments that support the long-term development and growth of its houses. He also expressed a focus on remaining vigilant and disciplined regarding costs structure. Despite these near-term financial impacts, Kering anticipates continued investment in its houses to drive long-term growth and profitability.