Kering reports “solid” Q1 despite Bottega Veneta decline
25/04/2016
Activities in the luxury sector grew by 2.6%, with Kering reporting “brisk activity” in western Europe and Japan.
Gucci’s sales climbed 3.1% on a comparable basis. The arrival of new collections “clearly benefited revenues” of the brand’s seasonal offer in leathergoods, ready-to-wear and shoes, the company said.
However, Bottega Veneta’s first-quarter sales fell by 8.3%. “Lower sales in directly operated stores reflect the slowdown in tourism flows, particularly in western Europe,” Kering said. It added that Bottega Veneta is shifting its focus to local customers rather than tourists.
Kering chief executive, François-Henri Pinault, described the group’s first-quarter performance as “solid”.
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