Kering's jewelry brands experienced a revenue drop in the third quarter as demand for luxury items weakened, particularly in the Asian market. Sales in Kering's "other houses" segment—which includes jewelry, watches, and other fashion items—fell 15% year-on-year to EUR 686 million ($740.6 million), the company reported.
Kering's chief financial officer, Armelle Poulou, noted that while the jewelry sector showed resilience, it was still affected by trends in the region, especially due to the company's exposure to China. Overall group sales for the quarter ending September 30 decreased 15% to EUR 3.79 billion ($4.09 billion). For the first nine months of the year, group revenue dropped 12% to EUR 12.8 billion ($13.82 billion), with the "other houses" segment down 10% to EUR 2.4 billion ($2.56 billion).