Gucci to add sparkle with high-end jewels

PARIS: Gucci, the Italian fashion label driving revenue growth at French luxury group Kering, 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% this year.

That puts growth on a par with footwear, and above highmargin 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. 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. 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 ($3.90 billion) in the third quarter, up a better-than-expected 27.5% on a comparable basis thanks largely to the thriving sales at Gucci.