Asian Demand Drives Kering Jewelry Growth

RAPAPORT... Kering recorded robust sales in its jewelry-and-watchdivision in 2018, amid growing demand for its products in Asia.Jewelry sales rose 7% to EUR 18 billion ($20.33 billion) at the French luxury group, which owns Boucheron, Pomellato and Qeelin. Timepiece sales remained solid, it added."The jewelry houses turned in a solid performance, and sales of the watches brands advanced for the second year in a row," the company said Tuesday. "[Jewelry] was driven by strong demand in Asia, and the emergence of a younger client base." Group sales jumped 26% to EUR 13.67 billion ($15.43billion), including the company's high-end labels such as Gucci, Bottega Venetaand Yves Saint Laurent. Profit more than doubled, reaching EUR 3.71 billion($4.2 billion), versus EUR 1.79 billion ($2.02 billion) in the previous year. Image: A Boucheron store on Old Bond Street in London. (Rapaport News)