Jewelry Performs Well for Kering in First Half

RAPAPORT... Kering reported strong jewelry sales during the first half of 2022, led by a recovery in North America and Europe.The group's Boucheron and Pomellato jewelry houses delivered "very solid performances," outweighing weaker results from Qeelin, which was affected by the health situation in China in the second quarter, Kering reported Wednesday.Sales at Kering's "other houses" segment - which includes jewelry and watches, as well as other fashion products - climbed 32% on a reported basis to EUR 1.96 billion ($1.99 billion) during the first six months. Same-store sales - at branches open at least a year - grew 29%. Profit from the segment surged 71% to a record EUR 337 million ($343.4 million) during the first half, contributing significantly to group earnings, the company noted. Revenue for the Kering group, which owns Gucci and Yves Saint Laurent, rose 23% to EUR 9.93 billion ($10.12 billion), while profit was up 26% to EUR 2.82 billion ($2.87 billion).Image: A Boucheron store in London. (Shutterstock)