Kering poised for rebound with “excellent momentum” in leathergoods
Luxury group Kering has reported full-year revenues for 2020 of €13.1 billion, a fall of 17.5% compared to the previous year.
Chief executive, François-Henri Pinault, said the group had shown “remarkable resilience and agility” during a year of widespread disruption. He said: “We are emerging from the crisis stronger and better positioned to leverage the rebound. More than ever, I am convinced that our strategy and business model are perfectly in synch with the current and future trends of the luxury universe.”
Gucci contributed more than €7.4 billion, nearly 57% of the group’s total. The brand’s revenues were down by 22.7% year on year.
Yves Saint Laurent posted revenues of €1.7 billion, down 14.9% compared to the figure for 2019. It suffered “a sharp contraction” in the first half of last year, Kering said, but had gone on to achieve growth in the second half.
The group said Bottega Veneta had had “a remarkable year, fuelled by an exceptional creative drive”. The leathergoods brand achieved revenues of just over €1.2 billion, growth of 3.7% year on year.
Other brands to achieve revenue growth in troubled 2020 were Balenciaga and Alexander McQueen. Kering said there was “excellent momentum” across the whole of its leathergoods division.
Image: Bottega Veneta
