FinancialsJul 27, 2022
High Jewelry Shines in First Half for LVMH FinancialsJul 28, 2022
Boucheron, Pomellato Deliver ‘Very Solid’ Performances for Kering
Revenue for the group that includes Kering’s jewelry brands grew 32 percent in the first half of 2022.
The 18-karat rose gold malachite and black diamond “Deep Forest” ring from Pomellato, one of four jewelry brands luxury conglomerate Kering owns. The company said both Pomellato and Boucheron delivered solid performances in the first half of the year.
Geneva—Like competitor LVMH, Kering recorded a solid first half, with the luxury sales momentum from the second half of 2020 and the full-year 2021 spilling over into 2022.
The Geneva-based luxury conglomerate reported Wednesday that first-half 2022 revenue rose 23 percent year-over-year (16 percent on a comparable basis) to €9.93 billion ($10.09 billion).
Compared to the first half of 2019, prior to the pandemic, sales were up 28 percent on a comparable basis.
Net income rose 34 percent to €1.99 billion ($2.02 billion).
In the second quarter, Kering saw sales increase 20 percent (12 percent on a comparable basis), the difference mainly due to currency effects, the company said.
Chairman and CEO François-Henri Pinault said the company has sustained last year’s top-line momentum, with performances in markets worldwide strong enough to offset the slowdown in China due to COVID-19 lockdowns. He also noted that Kering is leveraging the rebound in tourism in Europe.
“In a period of heightened macro uncertainty, Kering is in great shape to surmount short-term challenges, take advantage of new opportunities, and support the ambitious strategies and tremendous prospects of all our brands,” Pinault said.
Kering includes results for the jewelry brands it owns—Boucheron, Pomellato, DoDo and Qeelin—under “Other Houses.” (The luxury conglomerate also used to own watch brands Girard-Perregaux and Ulysse Nardin but sold them earlier this year.)
In the first half of the year, Kering’s Other Houses saw revenue grow 32 percent (29 percent on a comparable basis) year-over-year to €1.96 billion ($1.99 billion).
In the Other Houses stores Kering operates directly, sales were up 38 percent while wholesale sales grew 16 percent year-over-year.
Income from recurring operations increased 71 percent to €337 million ($342 million).
In the second quarter, sales for Other Houses were up 28 percent (24 percent on a comparable basis).
Commenting on its jewelry brands, Kering said that Boucheron and Pomellato delivered “very solid” performances, while Qeelin had a slow second quarter due to COVID lockdowns in China.
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Looking ahead to the remainder of 2022, the company said: “In an increasingly uncertain macroeconomic context, the group is continuing to implement its strategy with determination and will continue to manage and allocate its resources to best support its operating performance, continue generating significant cash flow, and optimize its return on capital employed.
“Thanks to its strong business and organizational model, along with its robust financial position, Kering remains confident in its growth potential for the medium and long term.”
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