Boucheron hits a record as Kering's jewelry runs 14% ahead
Kering's jewelry houses lifted first-half revenue to €521 million, up 14% and 20% on a comparable basis, with operating income doubling to €32 million. Group revenue still fell 3% to €7.22 billion.
By The Retail Desk
What changed
The clearest signal from Kering's first half was not about Gucci. It was that the group's small jewelry division — Boucheron, Pomellato, Qeelin and DoDo — grew where almost everything else shrank.
What it means
- A jewelry division growing twenty percent comparable inside a group falling three percent is exactly the kind of asymmetry a turnaround wants to lean on. The test is whether Kering feeds that winner with the capital and the store count it deserves, or lets it stay a bright footnote while the fashion houses absorb all the attention.
Key figures
| jewelry sales | €521M |
|---|---|
| reported | +14% |
| comparable | +20% |
| operating income | €32M |
Source: Kering jewelry, H1
The division that grew
Jewelry-house revenue rose to €521 million in the six months, up fourteen percent as reported and twenty percent on a comparable basis, while operating income doubled to €32 million. Second-quarter sales alone climbed fifteen percent. Group revenue, by contrast, fell three percent to €7.22 billion.
Boucheron set the pace, reaching what Kering called record levels on the back of Japan and Asia-Pacific and the launch of its Quatre XS collection. Pomellato held strong momentum in Japan and North America; Qeelin stayed solid across Asia-Pacific even as its growth cooled from earlier highs; only DoDo had a harder quarter.
Directly operated stores, where the houses control the experience and the margin, surged twenty-eight percent on a comparable basis.
Jewelry climbs while the group falls
Source: Kering jewelry, H1
Two houses, one lesson
The pattern rhymes with the morning's other headline. LVMH reported the same day that its Watches & Jewellery arm was its best-performing division while the group slipped, and now Kering, a house in the middle of a painful fashion turnaround, finds its steadiest growth in the jewelry cases.
Two of the three biggest names in European luxury are being carried by the same product category.
| Figure | |
|---|---|
| JEWELRY (comparable) | +20% |
| Owned Retail | +28% |
| Group Revenue | -3% |
H1 2026, Kering. Jewelry houses: Boucheron, Pomellato, Qeelin, DoDo. Carat Capital graphics desk.
A bright footnote, for now
The caution is scale. Kering's jewelry houses remain a rounding error against Gucci and Saint Laurent, so a strong percentage sits on a small base, and a doubled operating income of €32 million is a promising line rather than a rescue.
What it buys the group is proof of concept: the categories it has invested in — hard luxury, owned retail, tightly controlled brands — are the ones responding.
The story so far
Go deeper
Method
H1 2026, Kering. Jewelry houses: Boucheron, Pomellato, Qeelin, DoDo.