French luxury group Kering has reported a four per cent decline in sales for the past year amid ‘uncertain’ market conditions.
Kering oversees brands such as Boucheron, Pomellato, DoDo, and Qeelin and reported €19.57 billion ($AU32.39 billion) in total sales. Profit for the year declined by 17 per cent.
Sales among jewellery and watch brands declined by nine per cent, achieving revenue of €3.51 billion ($AU5.81 billion).
Despite the declining sales, a statement from CEO François-Henri Pinault was optimistic after strong returns in the fourth quarter.
“In a trying year for the group, we strengthened our organisation and took significant steps to further enhance the visibility and exclusivity of our Houses [brands],” he said.
“In a market environment that remains uncertain in early 2024, our continuing investments in our Houses will put pressure on our results in the short term.”
He added: “Thanks to the experience gained across the group through a decade of outstanding expansion, we are confident in achieving our long-term ambitions.”
Kering’s jewellery and watches division reported an 18 per cent increase in sales in 2022.
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