Strong performance for Kering in first quarter

Worldwide
Published:  23 April, 2019
Alexander McQueen. Photo credit: Sir Don McCullin

Revenue for the French luxury conglomerate totalled €3,785.3 million in the first quarter of 2019, up 21.9% as reported and +17.5% on a comparable basis.

According to Kering, sales from Couture and Leather Goods continued to rise sharply, with all regions contributing to this momentum in the directly operated store network with double-digit growth throughout, driven by outstanding performances at Balenciaga and Alexander McQueen. A “sharp growth” in sales was registered for Gucci (+20% on a comparable basis) on top of “very high bases of comparison” and a “very solid start to the year” for Yves Saint Laurent (+17.5%), with balanced growth across all regions. A contraction in sales was recorded for Bottega Veneta, down 8.9% in the quarter.

Revenue from Kering’s Other Houses amounted to €576.9 million in the first quarter, up 25% as reported and 21.7% on a comparable basis. Performances in Watches “were contrasted in the quarter”, while new models unveiled at the Salon International de la Haute Horlogerie (SIHH) in January 2019 were “very well received”. Overall, growth has been recorded in all geographical regions, particularly in Asia-Pacific (+29.6% on a comparable basis). Online sales are said to have “continued to climb”, while revenue from the wholesale network grew 12.2%.