With Kering Jewelry, the Group is Accelerating its Diversification Strategy

This announcement underscores Kering’s commitment to strengthening its position in the jewelry sector, a strategic segment poised to play a key role in reviving its growth. Indeed, the French group has been facing a slowdown in its business for several months. In 2025, Kering reported revenue of €14.7 billion, down 13% compared to fiscal year 2024. This decline, largely driven by challenges at its flagship brand Gucci, underscored the need to diversify growth drivers. In this context, the jewelry sector appears particularly attractive.

This new unit has been entrusted to Jean-Marc Duplaix, who has been appointed CEO. He began his career in 1994 at Arthur Andersen, where he worked for ten years in auditing and consulting for major CAC 40 companies. He then joined M6 in 2005 as deputy CFO. He joined Kering in 2012 as CFO, where he supported the group’s growth for over ten years. He subsequently became Deputy CEO and then COO in September 2025, assisting Luca de Meo in the development and management of the group’s organization.

Luca de Meo, Kering’s CEO, told the press that “with Kering Jewelry, the group will have a powerful platform […] capable of supporting the ambition of the houses in an industry where creativity and excellence are inseparable.”

The luxury jewelry market is indeed distinguished by its superior resilience to fashion cycles. By way of comparison, Richemont saw its jewelry sales grow by 8% between 2024 and 2025. The segment benefits from steady demand driven by the safe-haven status of precious metals and a clientele less sensitive to seasonal fluctuations.

Until now a marginal segment at Kering, with approximately €935 million in revenue in 2025—representing just 6% of total sales—jewelry thus represents an underutilized growth opportunity. The creation of Kering Jewelry is specifically aimed at structuring this business by better defining key functions (production, distribution, craftsmanship) and strengthening synergies among the group’s various houses.

Historically structured as a holding company, Kering is now seeking to further centralize and streamline its operations to improve the efficiency and performance of its brands. The new financial segmentation (Fashion & Leather Goods, Jewelry, Eyewear) underscores this commitment.

The strategic challenge is to reduce dependence on Gucci and rebalance the portfolio toward categories with more consistent growth. These plans could, however, face a difficult reality against firmly established competitors. Building up this division will require significant investments, targeted acquisitions, and a strong creative identity.