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Kering hails solid third quarter sales growth

Luxury group Kering has posted solid revenue growth in the third quarter of its financial year after some of its fashion houses put in “outstanding” performances…. View Article

FASHION

Kering hails solid third quarter sales growth

Luxury group Kering has posted solid revenue growth in the third quarter of its financial year after some of its fashion houses put in “outstanding” performances.

Group revenue increased by 12.6% to €4.19 billion in the three months to end September. On a comparable basis, revenue was up 12.2% year-on-year and by 10% on the same period in 2019.

This meant that Kering’s group sales climbed by 36.6% year-on-year on a comparable basis in the first nine months of the year, and by 9% compared to two years ago.

François-Henri Pinault, chairman and chief executive of Kering, said: “On the back of an excellent first half, Kering achieved a very solid third quarter at group level, up double digits over 2019. Saint Laurent, Bottega Veneta and our other houses, as well as Kering Eyewear, all posted outstanding performances.”

The group said trading was boosted by very strong momentum in North America and improving sales in Western Europe and Japan, even though the markets are still being impacted by the absence of tourists. In Asia-Pacific, sales rose relative to both 2020 and 2019, but were held back by rising Covid-19 case numbers during the summer.

At Kering’s Gucci brand, sales edged up 3.8% on a comparable basis while sales at Bottega Veneta increased by 8.9% on the same basis.

However, revenue at Yves Saint Laurent surged by 28.1% on a comparable basis after sales in the brand’s directly operated store network rose sharply in the period.

Meanwhile, sales at Kering’s other houses, which include Balenciaga and Alexander McQueen, rose by 26%.

Looking ahead, Pinault added: “In a constantly evolving luxury market, we are strengthening the positioning and distribution of all our brands, providing them with the resources they need to be ever closer to their customers. More than ever, we are investing to sustain our profitable growth trajectory over the long term and poised to successfully pursue our journey.”

 

 

 

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