Kering Forges Jewelry Powerhouse to Challenge Luxury Rivals

PARIS, FRANCE – March 16, 2026 – Global luxury group Kering has announced a major strategic consolidation with the launch of Kering Jewelry, a new, dedicated entity designed to accelerate the growth of its high-end jewelry business. The move brings powerhouse brands Boucheron, Pomellato, Dodo, and Qeelin under a single, unified structure, signaling a direct and ambitious challenge to the market dominance of competitors like LVMH and Richemont.

In a significant show of the new division's importance, Kering has appointed its Group Chief Operating Officer, Jean-Marc Duplaix, as the CEO of Kering Jewelry, a role he will hold while retaining his existing responsibilities. The appointment underscores a clear focus on operational excellence and strategic integration as the group seeks to capture a larger share of the lucrative and resilient fine jewelry market.

“With Kering Jewelry, we are giving the Group a powerful and cohesive platform capable of supporting our Houses’ ambitions in an area of expertise where creativity and excellence are inseparable,” said Luca de Meo, Chief Executive Officer of Kering, in the official announcement. “I am delighted with the appointment of Jean-Marc: his experience will be instrumental in unlocking the Group’s full potential in Jewelry.”

A Strategic Play in a Resilient Market

Kering’s decision to create a dedicated jewelry division is a calculated move based on powerful market trends and the group's own internal performance. While the broader personal luxury goods market has faced headwinds and slowdowns, the jewelry sector has consistently proven to be its most resilient category. Fine jewelry, seen by consumers as both a timeless investment and a personal indulgence, has continued to perform strongly, particularly in the high-jewelry segment.

This resilience has been a bright spot within Kering’s own portfolio. Over the past few years, the group's jewelry houses have frequently posted strong growth, even as some of its larger fashion brands have navigated challenging quarters. With an estimated turnover of approximately €1 billion in 2025, brands like the consistently performing Boucheron and the rapidly expanding Qeelin have demonstrated the significant potential of the category. This restructuring is a clear signal that Kering intends to double down on this success.

The global luxury jewelry market is projected to grow from approximately $58.5 billion in 2023 to nearly $98 billion by 2032. By creating a structure analogous to the dedicated watches and jewelry divisions at rivals LVMH and Richemont—owners of titans like Tiffany & Co., Bulgari, Cartier, and Van Cleef & Arpels—Kering is positioning itself for a more direct and aggressive fight for market share. The new entity is designed to foster stronger brand synergies and enhance operational efficiency, creating a more formidable competitor in a highly contested space.

The Architect of Integration: Jean-Marc Duplaix's Dual Mandate

The appointment of Jean-Marc Duplaix to lead Kering Jewelry while continuing his duties as Group COO is a pivotal element of the new strategy. This dual mandate is highly symbolic, indicating that the new division is not an isolated venture but a core component of the group's overarching operational and financial strategy. Duplaix’s deep experience in finance, M&A, and operations is expected to be a driving force behind the platform's success.

His leadership will be central to creating the “integrated platform” described in the announcement. This involves not just overseeing the four distinct jewelry houses but also harmonizing their strategic direction, optimizing supply chains, and leveraging group resources to fuel their growth. The CEOs of Boucheron, Pomellato, Dodo, and Qeelin will now report directly to Duplaix, a move that strengthens strategic alignment and centralizes decision-making. This structure is intended to ensure that while each House maintains its unique creative identity, it benefits from the scale and operational muscle of the entire Kering group.

Forging the Future: The Power of Vertical Integration

A critical, yet less visible, component of the Kering Jewelry strategy is its focus on industrial capabilities. The new entity will integrate the recently acquired Raselli Franco Group, a family-owned Italian jeweler manufacturer. Kering began the multi-stage acquisition in the first quarter of 2026, a move that provides the group with deep in-house expertise and control over the production process.

The integration of Raselli Franco, with its renowned “savoir-faire and cutting-edge technologies,” represents a significant step towards vertical integration. This gives Kering a powerful competitive advantage by securing its supply chain for high-end jewelry, ensuring unparalleled quality control, and fostering innovation in craftsmanship and manufacturing. By owning a larger part of the production process, Kering can protect the artisanal techniques essential to high jewelry, while also scaling production and accelerating the development of new collections. This move from brand manager to integrated manufacturer is a sophisticated play to build a more robust and defensible position in the market.

A Universe of Luxury: Synergies Across the Group

The ambitions for Kering Jewelry extend far beyond the four brands it currently houses. The press release explicitly states the new structure will “capitalize on new opportunities… for its Fashion and Leather Goods Houses.” This points to a future where the lines between Kering’s different luxury categories become more fluid and synergistic.

Kering’s major fashion houses, including Gucci, Saint Laurent, and Balenciaga, already have their own jewelry lines, which, when combined with the dedicated jewelry brands, form a substantial business. The new Kering Jewelry entity is poised to act as a center of excellence, providing the design expertise, manufacturing power, and strategic oversight to elevate these offerings. This could manifest in a variety of ways, from co-branded collections that pair a fashion house’s aesthetic with a jewelry brand’s craftsmanship, to fully integrated retail experiences where a customer can purchase a Bottega Veneta gown and a Pomellato necklace in a single, seamless transaction.

By creating a more holistic luxury ecosystem, Kering is aiming to increase its share of its customers' wallets and build deeper brand loyalty. This integrated approach is Kering's definitive play to not just compete, but to redefine its position in the global hierarchy of high luxury.