Kering Group reports first quarter revenues increase by 31.2% to €3.57bn, lifted by a 34% jump in sales. The growth was driven by double-digit increases across its product categories, including “ever-increasing demand for ready-to-wear and shoes”, as well as “excellent momentum” in leather goods, according to Kering.
Gucci posted record revenue growth of 51.4 per cent to €1.35bn for the three months, with strong performance from all regions and product categories. The growth was driven by Alessandro Michele´s genius turnaround.
Chinese demand, which accounts for one in three luxury purchases, recovered in the second half, even if Chinese consumers are choosing to spend more domestically than abroad.
Yves St Laurent posted revenue increase of 35.4 per cent during the quarter due in part to the warm reception shoppers have given to the brand’s summer collection designed by Anthony Vaccarello.
Meanwhile, at Puma, the sports and lifestyle brand that is a perennial topic of takeover speculation, revenues grew 17.9 per cent year on year. This month, Kering chief executive François-Henri Pinault exited Puma’s board of directors, prompting renewed suggestions that Kering may look to divest the brand imminently.