Kering hails remarkable Q1 performance from Bottega Veneta
Luxury group Kering has reported revenues of €3.2 billion for the first quarter of 2020, a decline of 15.4% compared to the same quarter last year.
It said the covid-19 pandemic had affected it in all of its main markets, but it said this had come after “a very promising start to the year” for all of its brands.
Chief executive, François-Henri Pinault, said he was confident Kering’s brands would emerge from the period of uncertainty “at the top of their game”.
Gucci posted revenue of €1.8 billion in the first quarter of 2020, a decline of 22.4%. The parent group pointed out that its biggest brand had had “an excellent start to the year”, with double-digit growth in North America in the first two months.
Yves Saint Laurent reported revenue of €434.6 million in the first quarter of 2020, down by 12.6%. Kering said the percentage decrease was “relatively contained” for Yves Saint Laurent because it has “limited exposure” in Asia.
However, Bottega Veneta posted “a remarkable performance” in the first three months of the year, Kering said, with revenue up 10.3% to €273.7 million.
