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Two of Kering’s luxury brands have joined forces for the first time in a high jewellery collection launch, as much of the conglomerate’s portfolio comes under increasing pressure.
The tie-up between Pomellato and Gucci, which accounts for just under half of group revenues and almost two-thirds of operating income, puts a spotlight on how jewellery, rather than fashion, continues to be Kering’s most resilient asset.
While Kering had healthy growth between 2018 and 2022, more recently it has reported double-digit sales declines and its shares have fallen by more than 60 per cent in the past three years. However, according to the group’s latest annual report, jewellery sales have quadrupled over the past decade.
Tie-ups between brands are nothing new in the luxury world. Gucci itself collaborated with Kering stablemate Balenciaga in 2021 and Bvlgari continues to work with watchmaker MB&F.
“Kering is smart to leverage internal group competences in jewellery to fuel Gucci’s ambitions,” says Luca Solca, a senior analyst at Bernstein. “Pomellato has credibility in design-led jewellery and has expanded into high jewellery via non-traditional precious stones.”
The new collection, Monili (Italian for jewellery), features sculptural pieces that fuse Pomellato’s signature chains with Gucci’s leather. Rooted in the brands’ shared equestrian heritage and 1980s designs, the collection blends gold, diamonds and leather, referencing 1970s jet-set icons often seen pairing Pomellato jewels with Gucci accessories — the original spark behind the collaboration.
The latest launches come at a time of new hires for both Gucci and Kering. In March, Demna Gvasalia took over as Gucci’s creative head from Sabato De Sarno, who lasted just two years in the role. Last month, Kering announced Italian automotive executive Luca de Meo would become the group’s first chief executive from outside the Pinault family, which controls the group.
Achim Berg, a former partner at consultancy McKinsey and founder of think-tank FashionSights, says “it makes sense strategically and tactically for Gucci to fill this intermediate period [post De Sarno and just as Gvasalia is starting] with capsules or collaborations”, cautioning that while not every collaboration is commercially relevant, they are “a marketing instrument to drive attention”.
Kering is also keen to replicate the success of Boucheron, another one of its jewellery brands, which generated €459mn in annual turnover, leading the group’s jewellery division with nearly 8 per cent growth since last year. Pomellato, in comparison, recorded €329mn.
Among this season’s high jewellery launches, Boucheron is presenting its annual Carte Blanche series, consisting of six sculptural vases, each transforming into four or five jewels, approximately 28 creations in total.
“I want my clients to live with their jewellery around them, not locked away in a safe,” says Claire Choisne, creative director, about the idiosyncratic idea.
Under Choisne, the Carte Blanche collections have become a test bed for innovation. Past editions have featured aerogel as a centre stone to offer clients a piece of sky and a modular matching set made of a cuff and a magnetic jewel pocket. The design and concept-driven approach helps Boucheron withstand tightening gemstone supply and branch out to art collectors.
“There was initial uncertainty about how clients would respond. The commercial team worried that the audacious pieces of Carte Blanche might not find their audience,” says Hélène Poulit-Duquesne, chief executive. “To my delight, I discovered that our clients are not only ready for this level of creativity, they actively embrace it. For example, one client once chose to wear a brooch as shoe jewellery.”
The latest collection showcases significant technical breakthroughs, including ultra-high-resolution 3D printing, a bespoke diamond setting developed specifically for these pieces, and the use of unexpected materials, such as borosilicate glass, plant-based resin and Vantablack, one of the darkest substances ever created, absorbing 99.965 per cent of light.
“I am very proud of this collection,” says Poulit-Duquesne. “It is a poetic, innovative and meaningful tribute to nature in all its impermanence, and the spirit of our founder [Frédéric Boucheron].”
