© Reuters. FILE PHOTO: A Gucci sign is seen outside a shop in Paris

PARIS (Reuters) – Gucci, the Italian fashion label driving revenue growth at French luxury group Kering (PA:), will branch into high end jewellery with a collection in June or July, Kering boss Francois-Henri Pinault said in a newspaper interview on Friday.

Jewellery has been one of the best performing corners of the luxury industry in 2018, according to consultancy Bain & Co, which forecast that comparable sales in the 18 billion euro global market were set to progress 7 percent this year.

That puts growth on a par with footwear, and above high-margin categories like handbags where fashion groups such as Gucci tend to make most of their money.

Most labels produce earrings and other accessories but high-end jewellery is a more rarefied world, occupied by the likes of Switzerland’s Chopard, or Boucheron, a label owned by Kering into which it is also ploughing resources.

“The two hundred pieces, with many coloured gemstones, will be made in Italy,” Kering’s Chairman and CEO Pinault said in an interview with France’s Le Figaro.

Kering confirmed the launch at Gucci but did not immediately provide further details.

Gucci has been one of the fastest growing luxury brands in recent years, thanks to a flamboyant makeover under designer Alessandro Michele. That has raised questions over how long its boom can last, and the brand has already been beefing up new lines in homeware and beauty products.

Overall revenue at Kering reached 3.4 billion euros (3.03 billion pounds) in the third quarter, up a better-than-expected 27.5 percent on a comparable basis thanks largely to the thriving sales at Gucci.

READ  Portugal shares higher at close of trade; PSI 20 up 0.29%

Pinault also said in the interview that Kering aimed to use ethically-sourced gold for all its jewels in two years’ time, up from 70 percent now.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here