Based in Paris, Kering is one of the world's leading luxury groups. It brings together several prestigious fashion houses, including Gucci, Yves Saint Laurent, and Balenciaga. The group has built itself around a portfolio of upmarket brands covering fashion, leather goods, eyewear and jewelry.

The new Kering Jewelry entity brings together four of the group's houses: Boucheron, Pomellato, DoDo, and Qeelin. It will also integrate the group's industrial capabilities, including Raselli Franco, which is currently being acquired. This aims to strengthen synergies between brands, pool resources, and accelerate the development of a segment considered strategic.

To lead this entity, the group has chosen Jean-Marc Duplaix. Currently Chief Operating Officer of Kering, he takes over the general management of Kering Jewelry with immediate effect. He will simultaneously retain all of his current activities, including finance, M&A operations, investor relations, real estate, digital and the general secretariat.

A reorganization in a delicate context

This initiative comes in a complicated financial context for the group. Kering's reporded 2025 revenue of €14.7bn, down 13% y-o-y. Even more striking, net profit was divided by more than ten over the same period. The situation is notably explained by the difficulties of its flagship brand Gucci, which has seen several quarters of disappointing sales.

Since his arrival at the head of the group in September, the new CEO Luca de Meo has engaged in a vast restructuring project. The former Renault boss seeks to simplify the group's organization and strengthen synergies between the different houses. The creation of Kering Jewelry constitutes a new element of this transformation plan, following the sale of the beauty division to L'Oreal and the recent establishment of two internal centers of excellence.

Jewelry as a refuge

Unlike fashion, a cyclical sector sensitive to economic fluctuations, jewelry offers greater revenue stability. The group's jewelry houses maintained positive momentum in 2025, despite the overall decline in activity. The jewelry segment grew by 4%, and even by 8% on a comparable basis and exchange rates. This momentum is all the more notable as fashion and leather goods activities fell by 15% over the same period, while Gucci recorded a 22% decline. By providing the jewelry segment with its own governance, Kering seeks to isolate what works to better accelerate it. This strategy also aims to reduce the group's historical dependence on Gucci, which remains a central driver of its revenue today (40% of revenues).

Towards a more balanced portfolio

The new organization is accompanied by an evolution in the presentation of the group's financial results, now structured around three main pillars: fashion, jewelry, and eyewear. In the longer term, Kering intends to build a true jewelry hub capable of competing with luxury sector leaders, such as Compagnie Financiere Richemont. By centralizing its operations and strengthening its industrial investments, Kering seeks a sustainable balance that is less exposed to the hazards of fashion.

On the markets, the announcement was received with caution but rather positively. Kering shares rose about 0.40% on Monday, the day of the announcement, after several consecutive sessions in the red. Investors see the strengthening of jewelry as a way for Kering to reduce its dependence on Gucci and rely on a historically more resilient segment of luxury.