Kering’s luxury jewellery business delivered an impressive performance in the first half of 2026, with its portfolio of prestigious jewellery maisons posting robust double-digit growth and helping the French luxury group return to positive comparable sales amid an uneven global luxury market.
The group’s Jewellery Houses division—comprising Boucheron, Pomellato and Qeelin—generated €521 million in revenue during the first six months of 2026. This represented a 14% increase on a reported basis and 20% growth on a comparable basis. The division also improved profitability, with recurring operating income reaching €32 million and the operating margin rising to 6.2%, up 2.7 percentage points from the previous year.
Momentum remained strong during the second quarter, when jewellery sales climbed to €252 million, reflecting 15% reported growth and an 18% increase on a comparable basis. Sales through Kering’s directly operated boutiques recorded an impressive 28% comparable growth, highlighting the strength of its retail network, while wholesale and other channels experienced a slight 2% decline.
The division’s growth was driven by healthy consumer demand across major luxury markets, particularly Japan, Asia-Pacific and North America.
Leading the performance was Boucheron, which achieved another record quarter, supported by strong demand in Japan and across Asia-Pacific, along with the successful introduction of the Quatre XS variation of its signature Quatre collection. Pomellato also continued its upward trajectory, benefiting from sustained consumer interest in Japan and North America and the popularity of its iconic jewellery lines. Meanwhile, Qeelin maintained positive growth despite a moderation in market trends, with Asia-Pacific continuing to be its strongest region.
Overall, Kering Group reported €7.22 billion in first-half revenue, representing a 1% increase on a comparable basis. Second-quarter revenue reached €3.65 billion, rising 2% compared to the previous year and marking the group’s first quarter of comparable sales growth following an extended period of slower performance.
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