【Paris, Franc】Boucheron, the Jeweler That Is Increasingly Competing with Cartier, Van Cleef & Arpels, and Others

While the luxury sector is going through a difficult period, Boucheron stands out as the gem within the struggling Kering group. After a radical makeover, it is on a conquest. On December 16, it opened its second store in the United States. And it is increasingly nipping at the heels of Cartier and other big names in the sector.

When visiting Las Vegas, USA, there is a must-do: go to the “Las Vegas Boulevard” to see the casinos glitter… and window-shop at luxury brands. The “Strip,” this long stretch of the artery dedicated to gambling, is also an essential temple of high-end shopping. French jeweler Boucheron has understood this well. On December 16, the jeweler founded in 1858 by Frédéric Boucheron inaugurated its second US store on this famous thoroughfare, within the recent and chic Fontainebleau Resort hotel.

Here, wealthy clients have been able to finish their Christmas shopping these days and buy sets, earrings, and rings featuring the house’s icon: the Quatre — a stacking of four rings with different colors and textures, sold starting from 4,000 euros. For three months, these jewels have already been offered on the other side of the country, on another famous artery: Madison Avenue in New York, the equivalent of Avenue Montaigne in Paris, where Boucheron opened its first American address in mid-September.

At 166 years old, if this French lady is setting out to conquer the United States again after a failed attempt 20 years ago, it’s because she has regained youthful vigor. While its owner, the Kering group, has been issuing consecutive profit warnings — partly due to the difficulties of its flagship Gucci — the small house, a lesser-known gem of the group, has been posting double-digit sales growth every quarter since 2021. And this, despite the turbulence the luxury sector has been experiencing for a year and a half. At Galeries Lafayette, sales at the Boucheron corner have jumped 45% between 2019 and 2024. Enough to make competitors jealous.

praises one of them.

Boucheron, trendy again? What a journey since its acquisition in 2000 by PPR (which became Kering in 2013)! In the early years, the old-fashioned house languished. It wasn’t until 2015 that François-Henri Pinault, initially preoccupied with reviving the fashion and leather goods houses he had just acquired (Gucci, Saint Laurent), made the jeweler a priority. And he poached Hélène Poulit-Duquesne from Cartier to become its CEO. In recent years, this marketing professional has closely observed its small neighbor on Place Vendôme, convinced that a good dusting-off would reveal its potential. So, when a headhunter offered her the job at Boucheron, she jumped at the opportunity.

decodes this woman in her fifties.

Result: even though the figures remain confidential, according to our information, the global leader today weighs about 7 billion in jewelry, compared to 450 million for Boucheron. A ratio of one to 15.

Upon her arrival, the CEO launched a brand awareness study whose results were unequivocal:

First priority: rejuvenate the brand by returning to its avant-garde DNA, with bold and modern pieces. A task carried out thanks to creative director Claire Choisne, one of the best in the sector according to several connoisseurs. Are relations between management and creator sometimes complicated? At Boucheron, according to all our sources, the two women form a truly close-knit duo. An undeniable asset.

In 2020, they decided to move from one to two high jewelry collections per year. One, which exploits the heritage of the more than century-old house, and the other, titled Carte Blanche, which gives free rein to Claire Choisne’s imagination. The latter breaks the codes of high jewelry (unique pieces sold for over 200,000 euros). She uses novel materials like magnesium or aerogel, and plays with how jewelry is worn, as seen with the hooded sweatshirts unveiled last year, whose cords turn out to be jewels.

acknowledges another competitor.