Italian luxury brand Gucci has helped drive a rebound in revenue for parent company Kering, bringing them back to pre-Covid levels in the first quarter of the year.
Kering Group’s revenue rose by 25.8 per cent to €3.89bn on a comparable basis, ahead of analysts’ estimates. The growth was well-balanced across the entire Group and there were positive performances from all houses.
Comparable revenue generated by the Luxury Houses’ directly operated networks climbed by 31.8 per cent from the first quarter of 2020 and by 6.3 per cent versus the first quarter of 2019, against a backdrop of store closures in part of the retail network.
The increase in sales was largely driven by outstanding momentum in Asia-Pacific (up 83 per cent) and North America (up 46 per cent). Sharp growth in online sales continued across regions, up 108 per cent in the quarter, driving the penetration of e-commerce to 14 per cent of retail sales.
“In the first quarter, Kering delivered a strong topline performance, bouncing back above pre-pandemic levels. Growth was consistent across all our Houses, and we are particularly pleased with Gucci’s momentum as the brand kicks off its centennial celebration. While 2021 should still face some impact from the health crisis, the strategy, positioning and creativity of our Houses will enable each one of them to thrive in today’s environment,” commented François-Henri Pinault, Chairman and Chief Executive Officer.
