In the second quarter of the year alone, the company noted that sales were up by 2% on a reported basis and 3% on a comparable basis. Meanwhile, revenue from the directly operated retail network, including e-commerce, was up by 4% on a comparable basis.

Recurring operating income totalled €2.7 billion in the first half of the year with a recurring operating margin of 27%. Net income for the period totalled €1.8 billion.

Gucci brought in €5.1 billion in revenue in the first six months of 2023, down by 1% on a reported basis and up 1% on a comparable basis. Sales in the brand’s directly operated retail network were up by 1% on a comparable basis while wholesale revenue fell by 3%.

In the second quarter alone, Gucci’s revenue and sales from directly operated stores were up by 1%. Recurring operating income in the first half of 2023 totalled €1.8 billion with a margin of 35.3%.

Yves Saint Lauren achieved revenue of €1.6 billion, up 6% as reported and up 7% on a comparable basis. Sales from its directly operated retail network grew by 11% (comparable) with wholesale was down by 10%.

Second quarter sales were up by 7% for the brand with growth of 8% for the directly operated retail network. Recurring operating income for the half was €481 million with a margin of 30.5%.

Bottega Veneta had first half revenue of €833 million, unchanged as reported and up 2% on a comparable basis. Sales from the directly operated retail network had an increase of 6% while wholesale fell by 13%.

The brand’s second quarter sales were up by 3% while directly operated retail network sales were up by 7%. Recurring operating income for H1 totalled €169 million, taking its recurring operating margin to 20.3%.

Other Houses achieved revenue of €1.9 billion in the first half, down by 5%. The directly operated retail network had growth of 8% and wholesale revenue dropped by 27%, due to streamlining. Second quarter directly operated retail network was up by 9%. Recurring operating income for the first half of the year was €224 million with a margin of 12.1%.

François-Henri Pinault, Chairman and CEO, said: “In the first half, we pursued our investments in our Houses’ desirability and exclusivity. While engaging in critical forward-looking initiatives, we maintained a high level of profitability. We also took some decisive steps to expand our footprint in the luxury universe, notably with the acquisition of the famed Creed fragrance house to accelerate the lift off of Kering Beauté.

“Together with the major organisational changes we announced last week to enhance stewardship of our Houses, as well as the many projects we have already launched over the past few months, the developments of the first half strengthen my confidence in Kering’s future prospects.”