Luxury group Kering reported a 14 per cent drop in first-quarter revenues due to a “difficult” start to 2025 but said its jewellery business remained stable.

Group revenue for the quarter amounted to €3.9 billion (around US$4.42 billion), with major markets all registering double-digit declines. Gucci saw the steepest drop of 25 per cent while revenue of Other Houses, which include jewellery, was down 11 per cent.

Kering owns high-end jewellery brands Boucheron, Pomellato and Qeelin. In its quarterly report, the group cited “growth in jewellery,” led by continued developments.

“Boucheron achieved a robust performance over a high comparison base while Pomellato had an excellent quarter, driven in particular by new pieces in its Nudo line, and Qeelin achieved outstanding growth,” the group said.

Boucheron also benefited from a successful development in the US market while Qeelin saw growing brand appreciation across the Asia-Pacific region.

François-Henri Pinault, chairman and CEO of Kering, said the company had anticipated a lacklustre performance at the start of the year. 

“In this environment, we are fully focused on executing on our action plans to reach our strategic and financial objectives and strengthen the positioning of our Houses on all our markets,” he noted.

Kering’s sales from directly operated retail network fell 16 per cent. The group closed 25 stores during the quarter, bringing its directly operated network to a total of 1,788 units.