PPR luxury division reports sales of EUR1.46b
Demand in emerging markets helped fuel sales growth at the luxury division of France-based PPR. The luxury unit posted a 17.8% rise in like-for-like sales to EUR1.46 billion. PPR said emerging markets account for 40% of the division’s sales.
Francois-Henri Pinault, chief executive, said he was “confident” of “another year of brisk revenue growth combined with gains in operating and financial performance”. Mr Pinault is selling the group’s mass market retail businesses to focus on luxury and lifestyle.
Overall PPR reported a 7.9% like-for-like increase in group first-quarter sales. They rose to EUR3.26 billion in the three months to March 31, compared to the same period last year, representing a rise of 15.4%.
PPR is aiming for sales of EUR24 billion by 2020 from its luxury and lifestyle businesses, of which EUR10 billion is to come from Asia.
Gucci sales were up 12% like-for-like while Bottega Veneta reported a 33% rise and Yves Saint Laurent, 40%.
