Recurring operating income rose sharply for Kering in 2021, up 60% relative to 2020, to reach a new record of €5 billion (US$5.7 billion). Meanwhile, recurring operating margin came in at 28.4%.

For the group’s retail network, including e-commerce, revenue increased by 40% over 2020 on a comparable basis, and was 18% higher than 2019. Online sales continued strong growth in 2021, climbing 55% while the group reported that the online channel’s penetration rate doubled in two years and now accounts for 15% of total sales in the retail network.

Wholesale revenue was up 17% on a comparable basis year-on-year but, relative to 2019, it was down 3% in line with the group’s increasingly exclusive approach to distribution.

For Gucci in 2021, revenue totalled €9.7 billion (US$11 billion), up 31% on 2020 thanks to strong growth in the fourth quarter of the year, driven by an intense schedule of events and new product launches, Kering said.

2021 revenue for Yves Saint Laurent came to €2.5 billion (US$2.84 billion), an increase of 46% year-on-year on a comparable basis, while revenue in the same period for Bottega Veneta was more than €1.5 billion (US$1.7 billion), up 25% on a comparable basis over 2020 and 32% on 2019.

Kering’s Other Houses generated €3.26 billion (US$3.7 billion) in revenue in 2021, up 44% on a comparable basis year-on-year for an additional €1 billion (US$1.14 billion) more than 2020. The group reports that, in particular, Balenciaga and Alexander McQueen delivered excellent performances as well as its jewellery houses.

François-Henri Pinault, Chairman and CEO, said: “Kering realised excellent performances in 2021, further consolidating its prominent position in the Luxury of the future. Thanks to their ability to blend authenticity with bold creativity, all our Houses achieved sharp sales rebound, way beyond their 2019 levels, while reinforcing the exclusivity of their distribution and further enhancing their brand equity.”