Luxury group Kering reported a double-digit drop in 2024 revenues, but said its jewellery business continued to “make progress,” with Boucheron driving sales.

Overall revenues reached €17.2 billion (around US$17.92 billion), down 12 per cent year on year, with flagship luxury brands Gucci and Yves Saint Laurent recording a 21 per cent and 9 per cent dip, respectively. François-Henri Pinault, chairman and CEO, described 2024 as a “difficult year.”

Meanwhile, the Other Houses category, which includes jewellery companies, saw a 7 per cent decline during the year. “Jewellery houses continued to make progress, with a particularly healthy performance at Boucheron,” the group said.

Kering revealed that jewellery also recorded continued growth in the fourth quarter of 2024, with Boucheron attaining double-digit growth in Western markets and Japan, and “good resilience” in the Asia-Pacific region. Kering also owns high-end jewellers Pomellato and Qeelin.