10% increase on pre-pandemic revenue for Kering

France
Published:  20 October, 2021
Credit: Yves Saint Laurent

The France-headquartered luxury conglomerate has reported group revenue increases for the third quarter of 2021 of 12.2% on a comparable basis with Q3-2020 and 10% up from Q3-2019.

Business was driven by momentum in North America, while Western Europe and Japan continue to improve despite markets being affected by the absence of tourists. In the Asia-Pacific region, sales rose relative to both 2020 and 2019, but were held back by rising Covid-19 case numbers during the summer.

Online sales continue to grow at a firm pace, up 24.3% relative to the third quarter of 2020 and 147.9% relative to the same period in 2019.

Gucci saw an increase of 3.8% on revenue for the period compared with 2020, while sales for the brand generated in directly operated stores grew by 6.9% from the previous year.

Yves Saint Laurent maintained growth with sales up 28.1% on a comparable basis, notably driven by North America and Western Europe. Meanwhile, Bottega Veneta saw revenue grow by 8.9% on a comparable basis over 2020.

Revenue for other houses in the Kering Group grew 26% from 2020 figures on a comparable basis, increasing sharply relative to 2019 thanks to ongoing expansion of the Balenciaga and Alexander McQueen brands.