The company is on the hunt for possible acquisitions amid their plans to expand in more US cities.
Kering, whose brands include the likes of luxury names such as Gucci, Yves Saint Laurent, Bottega Veneta and Balenciaga is looking to expand to more cities across the US after a sales surge showed the luxury products industry showed resilience even as inflation continues to soar.
The industry has shown fast signs of recovery from the fallout of the coronavirus pandemic, with sales for most groups now exceeding their pre-crisis levels. In fact, sales at Kering have increased by nearly a third in the last three months of 2021 to $6.14bn.
The Gucci label accounts for 60 per cent of Kering’s revenue and around 70 per cent of the group’s profit. The group’s other brands also did well with Yves Saint Laurent, Kering’s second-largest label, saw fourth quarter revenue rocket by 47 per cent.
Chief Executive Officer and Chairman of Kering, Francois-Henri Pinault has explained that acquisitions would make sense for the group, in the near future.
