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PPR's Luxury Group turns in a stellar performance
02
May '11
In the first quarter of 2011, PPR posted €3.7 billion in revenue, up 9.1% on a reported basis and 6.5% on a comparable basis versus first-quarter 2010. This excellent start to the year was powered by the fast-paced growth of the Group's businesses in emerging countries, which represented 21% of revenue.

The Luxury Group turned in a stellar performance, with revenue surging 26.2% on a reported basis. Overall, sales for the Luxury and Sport & Lifestyle businesses climbed 20.6% on a reported basis and 14.7% on a comparable basis.
PPR enjoyed revenue growth in all geographic areas with the exception of Japan, where the March 11 earthquake brought an end to the upward trend observed since the beginning of the year.

François-Henri Pinault, Chairman and CEO, noted: “PPR delivered further performance gains in first-quarter 2011. Strong sales growth was driven by an excellent showing from our Luxury and Sport & Lifestyle businesses, which altogether delivered double-digit growth in all geographic areas apart from Japan. In Japan, the professionalism and courage of our teams have seen the Group's brands through testing times. These performances testify to our vigorous organic growth dynamic. I am therefore confident that in 2011 PPR will be able to maintain its revenue growth momentum and surpass its 2010 financial performance, building on the strength of its business model and the pertinence of its strategy.”

Gucci
Gucci had an excellent start to the year, with revenue jumping 24% on a reported basis and 20% on a comparable basis versus first-quarter 2010. Sales advances were recorded in both directly-operated stores (up 21%) and with third-party distributors (up 18%). Timepieces and ready-to-wear were highly successful, thanks chiefly to the much-applauded Cruise and Spring-Summer 2011 collections.

All geographic areas except Japan benefited from the strong momentum, posting double-digit growth in sales, led by star performers North America (up 35%) and Asia-Pacific (up 26%). Revenue growth was reported in all product categories, and particularly Leather Goods (up 17%).

To celebrate Gucci's 90th anniversary in 2011, the brand's unique heritage is showcased in the “Forever Now” corporate advertising campaign and in a special “1921” collection. The innovative recent launch of the Gucci Kids collection has been a huge success and has helped attract new clientele segments into Gucci stores.

At end-March 2011, Gucci had a network of 327 stores, including 40 in mainland China (i.e., excluding Hong Kong and Macao).

Bottega Veneta
Revenue for first-quarter 2011 surged 38% on a reported basis and 32% on a comparable basis. Except for Japan where sales dropped 3% over the quarter, all geographic areas delivered double-digit revenue growth, led by Western Europe (up 52%) and Asia-Pacific (up 51%). These regions account for 63% of Bottega Veneta's total sales. Sales in directly-operated stores and to third-party distributors climbed sharply over the quarter, up 28% and 45%, respectively. The main product categories continued on an upward trend, buoyed by Leather Goods (up 33%) and in particular the brand's latest iconic launches.

At end-March 2011, Bottega Veneta had a network of 151 stores.

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PPR Group

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