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French luxury group Kering has detailed a sharp decrease in revenue and profit over the past financial year, highlighting a challenging period for the company. | Source: The Luxury Closet
French luxury group Kering has detailed a sharp decrease in revenue and profit over the past financial year, highlighting a challenging period for the company. | Source: The Luxury Closet

Challenging year for Kering despite late jewellery sales spike

French luxury group Kering has detailed a sharp decrease in revenue and profit over the past financial year, highlighting a challenging period for the company.

Among brands such as Boucheron, Pomellato, DoDo, and Qeelin, the company reported an 8 per cent decline in revenue to €3.22 billion ($AUD5.33 billion).

The report noted that much of this decline could be attributed to the fashion brand Alexander McQueen, with jewellery sales improving in the fourth quarter.

“Jewellery houses [brands] continued to make progress, with a particularly healthy performance at Boucheron,” the statement explained.

“In an economic and geopolitical environment that remains uncertain, Kering continues to deploy its strategy with the aim of achieving a profitable long-term growth trajectory.

“The group is stepping up the initiatives needed to support the development and growth of its houses [brands], while implementing with determination the actions required to increase its efficiency.”

Revenue for the group declined by 12 per cent of the financial year, reaching €17.19 billion ($AUD28.45 billion). Profit dramatically decreased by 62 per cent.

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