‘No-logo’ leathergoods strategy pays off for Kering
26/04/2013
Kering's fashion and leathergoods division was its best-performing sector, with revenue growth of over 6% “against a particularly demanding base of comparison in the first quarter of last year” (when sales were up 18% over 2011).
Gucci posted a 4% increase in comparable revenue, while sales in directly operated stores were up 6%. Sales of leathergoods grew, driven by improvements in mix towards higher-priced merchandise. Recently introduced leather lines performed “remarkably well”, resulting in a double-digit increase in no-logo sales. Footwear sales increased 8%.
Leathergoods brand Bottega Veneta, which opened nine stores during the quarter, saw revenue increase 9%. Western Europe performed particularly well, up over 20%. Higher sales in North America were somewhat offset by a slowdown in Hawaii due to lower Japanese tourism. However, sales were up 12% in Japan and more than 20% in China.
For Saint Laurent, sharply higher revenue was driven by higher sales of iconic handbags, and new shoe styles were “well received”.
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