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Gucci grows by 20% in Q1

Luxury group Kering has reported revenues for the first quarter of 2019 of almost €3.8 billion, an increase of 17.5% compared to the same three months last year.

Chief executive, François-Henri Pinault, said Gucci, Saint Laurent and all of the group’s other brands, with the exception of Bottega Veneta, had posted “excellent revenue growth”.

Gucci grew its sales by 20% compared to the first quarter of 2018 and growth at Yves Saint Laurent was 17.5%. In total, Gucci contributed more than €2.3 billion to overall Kering revenues during the quarter, a share of more than 60%. Yves Saint Laurent’s contribution was almost €500 million, which means those two brands together contributed almost three-quarters of Kering’s total revenues.

Other brands in the group achieved growth, collectively, of 21.7% during the first quarter, driven especially by the performance of Balenciaga and Alexander McQueen.

The exception, as mentioned, was luxury leathergoods brand Bottega Veneta, whose sales were down by 8.9%. However, it said that early indicators of greater success under new creative director, Daniel Lee, who joined Bottega Veneta in July 2018 were “highly encouraging”.

Image: Gucci

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