Kering revenue up 21.4% in first quarter

France
Published:  21 April, 2021

The France headquartered luxury conglomerate’s first quarter in 2021 results saw a sharp revenue rebound, with a topline performance above pre-pandemic levels. Consolidated revenue was €3,890 million, up 21.4% as reported and 25.8% on a comparable basis.

Growth was balanced across the group, driven by good performances from all houses. Gucci posted revenue of €2,167.7 million in the first quarter of 2021, up 20.2% as reported and 24.6% on a comparable basis. Yves Saint Laurent delivered a strong start to the year, with revenue of €516.7 million, up 18.9% as reported and 23.4% on a comparable basis. Bottega Veneta posted revenue of €328.2 million, a first-quarter record, advancing 19.9% as reported and 24.6% on a comparable basis. Revenue from Kering’s other houses was €714.3 million in the first quarter, up 29.1% as reported and 33.1% on a comparable basis

The increase in sales was largely driven by momentum in Asia-Pacific (up 83%) and North America (up 46%). Sharp growth in online sales continued across regions, up 108% in the quarter, driving the penetration of e-commerce to 14% of retail sales.

For Gucci, wholesale was down 26.1% on a comparable basis, in line with the brand’s strategy of gradually enhancing the exclusivity of its distribution network. Yves Saint Laurent was up 12.9% on a comparable basis. For Bottega Veneta, wholesale rose 27.1% on a comparable basis, in a context of increased selectivity in the number of House partners.