The group achieved total revenue of €20.35 billion in 2022, an increase of 15% on a reported basis and 9% on a comparable basis. Recurring operating income for the year was €5.59 billion while net income totalled €3.61 billion, up 14%.

Kering noted that revenue from its directly operated retail network, which includes e-commerce sites, rose 10% on a comparable basis in 2022, driven in particular by Western Europe and Japan.

For the fourth quarter of the year alone, sales were down by 2% year-on-year as reported and 7% on a comparable basis, with mixed results across the group’s brands.

Gucci reported total revenue in 2022 of €10.5 billion, an increase of 8% as reported and up 1% on a comparable basis. In the fourth quarter, revenue for the brand was down 14% on a comparable basis. Kering reported that sales dropped by 15% in the period in directly operated stores, with the brand strongly affected by China.

Yves Saint Lauren achieved revenue of €3.3 billion in 2022, with increase of 31% as reported and 23% comparable. Sales from its directly operated retail network rose sharply, up 28%. In the fourth quarter, sales were up by 4% on a comparable basis.

Meanwhile, Bottega Veneta had a record year with €1.7 billion in revenue, up 16% as reported and 11% on a comparable basis. Fourth quarter 2022 sales were up 6% on a comparable basis, supported by good momentum in the directly operated retail network at a 4% increase.

Revenue from the group’s Other Houses totalled €3.9 billion in 2022, up by 15% as reported and 16% on a comparable basis. Growth was driven by the directly operated retail network, where sales were up 27% on a comparable basis. Kering noted that Balenciaga had an excellent 2022, despite a difficult month of December, while Alexander McQueen performed well in the handbags and ready-to-wear categories.

“All our Houses posted record revenues and contributed to higher operating income in 2022. But these good performances were not uniformly up to our ambitions and potential. Beyond the challenges some of our Houses faced, notably towards the end of the year, we are convinced that we are pursuing the right strategy for the long term,” said François-Henri Pinault, Chairman and CEO.

“Our 47,000 people share a strong entrepreneurial culture as well as values of responsibility and engagement. Together, we nurture the desirability and exclusivity of our brands, so they all achieve market positions commensurate with their unique heritage and recognised creativity. In an environment that remains uncertain, I have no doubt that 2023 will be another year of success for our Houses and of growth for our group.”