Consumers’ appetite for premium products is strong, Kering says
Big-name luxury leathergoods brands were instrumental in helping Kering achieve record revenues of €17.6 billion in 2021.
On its own, Gucci brought in revenues of €9.7 billion, which represented a 55% share of Kering’s total sales. Gucci’s 2021 result was up by more than 30% compared to the figure for 2020 and exceeded the pre-pandemic performance of 2019 by 10%.
The group pointed out that “the success of iconic lines, along with an intense schedule of events and new product launches” led Gucci’s revenue to grow sharply in the fourth quarter. Sales in the brand’s own stores were 35% higher than in the same quarter in 2020 and 25% higher than in 2019.
For its part, Yves Saint Laurent’s 2021 revenue amounted to €2.5 billion, an increase of 45% compared to 2020. Sales from directly operated stores grew by 55% year on year and were 35% higher than in 2019.
At Bottega Veneta, 2021 revenues were above €1.5 billion, 24% up on the figure for 2020 and 32% higher than 2019.
Together, these three brands contributed close to 80% of the group’s revenues last year.
Kering said that the luxury market has witnessed a significant rebound from the economic disruption caused by the covid-19 pandemic. It put this down to consumer’s having plenty of appetite for premium goods and said it viewed itself as being “perfectly positioned to benefit fully from this upturn”.
Image shows the Cassette calfskin and lambskin bag from Bottega Veneta.
