French luxury group Kering Group announced a 27 per cent sales uptick for its recently ended first quarter, a growth rate partially slowed by stagnant revenues in Japan and a quarterly decline in the company’s Asia-Pacific market, due to Covid restrictions in China and a decrease in Gucci sales.
In Asia-Pacific, Kering’s largest market which represented 37 per cent of total revenue, recorded a sales decline of seven per cent during the quarter, hindered by new lockdowns in certain major Chinese cities. In Japan, which represented 6 percent of Kering’s total revenues, sales were stagnant.
By brand, Gucci comparable sales accelerated 17 per cent in Japan, but fell six per cent in the Asia-Pacific region. Saint Laurent increased 15 per cent in Asia Pacific and grew nine per cent in Japan, while Bottega Veneta sales grew 28 per cent in Japan while remaining flat in Asia-Pacific. Kering’s other brands category grew in both regions, up 30 per cent and 26 per cent in Japan and Asia-Pacific, respectively.
“We opened 2022 on a very solid first quarter in a more uncertain environment, notably impacted by tightening Covid restrictions in China since March,” said François-Henri Pinault, Chairman and CEO of Kering Group.
