Luxury apparel group Kering has reported a 21.9% jump in sales on a reported basis, which includes the impact of currencies and acquisitions, to EUR3.8bn during the first quarter of 2019.
On a comparable basis, group sales at the Gucci and Saint Laurent owner were up 17.5%.
Sales were up at its Gucci, Yves Saint Laurent and ‘Other Houses’ category (which includes Balenciaga and Alexander McQueen), but contracted at Bottega Veneta as a result of a divisional restructure, according to chairman and CEO Francois-Henri Pinault.
“Delivering a solid start to 2019, Kering continued to outperform. On top of very strong increases in the first quarter of last year, Gucci, Saint Laurent and our Other Houses all posted excellent revenue growth, fuelled by the creativity of their offers and the innovativeness of their execution. As Bottega Veneta implements a fundamental reset, early indicators are highly encouraging. The agility we have put at the heart of our organisation positions us well to continue achieving steady, sustainable and profitable growth.”
Earlier this month, Kering sold its Volcom brand, which it acquired in 2011, saying it was part of its strategy to focus on the development of its luxury business. The US skate, swim and snowboarding lifestyle label is now part of Authentic Brands Group (ABG) – owner of Camuto Group, Juicy Couture, Aeropostale and Nautica.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
