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First-half earnings of the French luxury goods holding company Kering beat analysts’ estimations thanks to Gucci’s first growth in two years.
Gucci’s sales increased 4.6% in the second quarter of the year, rebounding from the 7.9% drop in the previous three-month period. The growth was attained in particular by Chinese tourists demand in Japan and Western Europe and by sales of discounted merchandise in China, where Gucci offered discounts of as much as 50% to clear inventory designed by the former creative director. “We are particularly satisfied with the progress at Gucci”, said Kering’s Chief Executive Officer, François-Henri Pinault. “As we enter the second half of the year, I am fully confident in the group’s ability to combine strict management discipline with organic growth at each of our brands”.
Talking of management, the French Group has appointed Grita Loebsack as the new Chief Executive Officer of the luxury couture and leather goods’ emerging brands division. Starting from mid-September, she will be in charge of Alexander McQueen, Balenciaga, Brioni, Christopher Kane, Stella McCartney and Tomas Maier, whose CEOs will report directly to her. Loebsack has a history inside L’Oréal and Vichy and her “strong international background” is what convinced Kering’s CEO that she is the right person to “further develop the brands”.