Kering’s jewellery maisons recorded double-digit growth in the first half of 2026, helping the French luxury group return to positive comparable sales as demand for branded fine jewellery remained resilient despite a mixed luxury market.
Kering’s Jewellery Houses division, comprising Boucheron, Pomellato and Qeelin, generated €521 million in revenue during the first half of 2026, up 14% as reported and 20% on a comparable basis. Recurring operating income reached €32 million, with the recurring operating margin improving 2.7 percentage points year-on-year to 6.2%.
The Jewellery division maintained strong momentum in the second quarter, with revenue rising to €252 million, an increase of 15% as reported and 18% on a comparable basis. Sales through Kering’s directly operated retail network surged 28%, while wholesale and other revenue declined 2% on a comparable basis.
Performance remained broad-based across key markets, particularly Japan, Asia Pacific and North America.
Boucheron continued to post record results, driven by robust demand in Japan and Asia Pacific and the successful launch of the Quatre XS variation of its flagship Quatre collection. Pomellato maintained strong growth, supported by sustained demand in Japan and North America and the continued success of its core collections. Qeelin continued to grow despite moderating trends during the quarter, with Asia Pacific remaining a key market.
The Kering group reported total first-half revenue of €7.22 billion, up 1% on a comparable basis, while second-quarter revenue rose 2% to €3.65 billion, marking its first quarter of comparable sales growth after a prolonged slowdown.
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