Revenues down for Kering
Luxury group Kering has posted revenues of €14.6 billion for the first nine months of 2023, a decline of 3.1% compared to the same period last year.
Revenues at each of the group’s main luxury leathergoods brands fell by single-figure percentages.
For Gucci, sales between January and September this year were €7.3 billion, down by 5% year on year. The corresponding figures for Yves Saint Laurent were sales of €2.3 billion, a decline of 2.2%, while Bottega Veneta’s nine-month revenues were just over €1.2 billion, down by 4.5%.
On their own, the third-quarter results for these brands caused Kering more concern because the falls were of 14% for Gucci, 16% for Yves Saint Laurent and 13% for Bottega Veneta.
Chief executive, François-Henri Pinault, said lower revenue levels in the third quarter were a reflection of decisions that group has taken “to further elevate our brands”. He said the set-up Kering was putting in place would help it “reclaim our position and influence”.
