The French luxury group closes its first six months of activity in 2022 with a turnover of 9.930 billion euros, up +16% – i.e. +23% in published data – compared to last year.
Performance boosted by Saint Laurent.
While Kering is working on an expansion “targeted and selective” of its distribution, the group was able to count this semester on the performance of its own network – including in e-commerce -, an overall increase of +32% in the second quarter of 2022 alone against the same period in 2019. “We are stepping up our actions with local customers in all our markets, and are also taking advantage of the emerging rebound in tourism in Europe. Each of our Maisons contributed to Kering’s strong double-digit operating profit growth and thus to the improvement in the Group’s margin.” said François-Henri Pinault, Chairman and CEO of Kering, in a press release.
By retail, Gucci – one of most searched brands at the time – saw its turnover reach 5.173 billion euros, up +8% like-for-like. While the brand had recorded growth of +13% in the first quarter, the last three months have once again reflected the impact of health measures relating to Covid-19 in China, a figure however weighted by the good results of the label in Western Europe, Japan and the United States.
Saint Laurentfor its part, continued its already palpable growth in the first quarter (+37%) and ended the half-year up +34%, at 1.481 billion euros.
With a new artistic director since last November, Bottega Veneta for its part recorded over the same period a turnover of 834 million euros (+13%), where the other houses of the group – including Balenciaga, Alexander McQueen or Brioni – recorded cumulative sales at 2 billion euros, at +29% like-for-like.
“In a macroeconomic context which now looks increasingly uncertain, the Group is pursuing the implementation of its strategy with consistency and determination, and will continue to manage and allocate its resources with a view to supporting its operating performance, maintaining a generation high cash flow and optimize the return on capital employed“says Kering regarding its outlook for the coming months.