‘Above pre-pandemic levels’: Kering basks in Gucci-dominated Q1 glow
Paris-based luxury group Kering has seen revenues snap back to pre-covid-19 levels, according to its recently published first quarter results, with “well-balanced” growth reported across all brands.
The group noted a 25.8% rise in revenue on a comparable basis. Compared to pre-pandemic results from 2019, revenue increased 5.5% at constant exchange rates.
“Outstanding momentum” in the Asia-Pacific region (reportedly up 83%), plus North America (up 46%), played a key role in the group’s significantly boosted sales, Kering said.
Online sales across all regions - up 108% in the quarter - also played their part, with e-commerce accelerating to 14% of the group’s retail sales.
On the brand level, top performer Gucci’s Q1 sales were up 21.6% (26% on a comparable basis), with Saint Laurent (up 20.2% or 24.6% on a comparable basis) and Bottega Veneta (up 19.9% or 24.6% on a comparable basis) also recording strong results.
On top of this, Kering’s other houses, including Balenciaga and Alexander McQueen, posted “extremely solid” sales growth - up 29.1% as reported and up 33.1% on a comparable basis.
“Bouncing back above pre-pandemic levels, growth was consistent across all our houses, and we are particularly pleased with Gucci’s momentum as the brand kicks off its centennial celebration,” group chairman and CEO, François-Henri Pinault, commented.
Image: Gucci via Instagram.
