Kering reports growth for first half of 2022

Worldwide
Published:  28 July, 2022
Credit: Bottega Veneta

Kering has reported its H1 2022 financial results, achieving a reported revenue increase of 23% to €9.93 billion (up 16% on a comparable basis).

Group revenue also rose by 28% on a comparable basis over the first half of 2019, the company noted. In the second quarter of 2022, sales rose by 20% on a reported basis and 12% on a comparable basis.

Recurring operating income was up 26% in the first half of the year to €2.82 billion, with recurring operating margin at 28.4% compared to the first half of 2021.

Gucci brought in €5.17 billion in the first half of 2022, an increase of 15% as reported and 8% on a comparable basis. In the second quarter of 2022, revenue was up 12% as reported and up 4% on a comparable basis.

For Yves Saint Laurent, revenue was €1.48 billion, up 42% reported and 34% comparable. Sales in the second quarter of 2022 rose by 40% as reported and by 31% on a comparable basis, which the company reported was driven by Western Europe, Japan and North America, while revenue in Asia-Pacific was stable compared to 2021.

Meanwhile, Bottega Veneta took in €834 million in the first half of the year, an increase of 18% as reported and 13% on a comparable basis. In the second quarter of 2022, Bottega Veneta’s revenue was €438 million, up 15% as reported and up 10% on a comparable basis.

François-Henri Pinault, Chairman and CEO of Kering, said: “The Group delivered sharply higher sales in the first half of 2022, sustaining last year’s topline momentum—solid performances in retail around the world more than offset the impact of Covid-related measures in China in the second quarter.

“We intensify our engagement with local customers across all markets, and we are also leveraging the nascent rebound in tourism in Europe. Each of our Houses contributed to the strong double-digit increase in Group operating income, leading to expanded margin for Kering as a whole.

“In a period of heightened macro uncertainty, Kering is in great shape to surmount short-term challenges, take advantage of new opportunities, and support the ambitious strategies and tremendous prospects of all our brands.”