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Kering outpaces market in Q3 2018

Oct '18
Courtesy: Kering
Courtesy: Kering
Kering has significantly outpaced its market in the third quarter of fiscal 2018, with total revenue up 27.6 per cent as reported and 27.5 per cent on a comparable basis to €3,402 million. Strong organic growth momentum continued at Kering with total revenue of the Houses up 27.1 per cent on a comparable basis, on top of high bases of comparison.

Comparable growth in directly operated stores amounted to 27.6 per cent, driven by double-digit increases across all regions, led by North America (up 36.1 per cent comparable) and Asia Pacific (up 33.3 per cent comparable). Growth in online sales exceeded 80 per cent and while wholesale rose 27.0 per cent on a comparable basis.

On top of high bases of comparison, Gucci delivered another excellent quarter, with revenue up 34.9 per cent as reported and 35.1 per cent on a comparable basis, to €2,096 million. The House’s growth is particularly sound, and the success of both permanent collections and newness across all product categories propelled sales in all distribution channels.

Yves Saint Laurent reported revenue of €447 million in the third quarter of fiscal 2018, up 16.5 per cent as reported and 16.1 per cent on a comparable basis. With double-digit growth in all regions, sales in directly operated stores rose 17.5 per cent on a comparable basis, including a remarkable performance in North America (up 27.5 per cent).

The redeployment of Bottega Veneta is ongoing. Revenue in the third quarter totaled €259 million, down 7.8 per cent as reported and 8.4 per cent on a comparable basis, impacted in its directly operated stores by lower tourism in Western Europe. New products in the leather goods category performed well and the wholesale network posted growth (up 2.3 per cent on a comparable basis) for the second consecutive quarter.

Revenue from the Other Houses totaled €516 million in the third quarter, up 32.2 per cent as reported and on a comparable basis. Sales from Couture & Leather Goods continued to rise sharply, fueled both by directly operated stores and the wholesale network.

"We are extraordinarily proud of the remarkable performances Kering delivers quarter after quarter. Our growth, whose pace is unprecedented in the Luxury sector, is sound, well balanced and sustained across all regions and distribution channels. The talent of each of our Houses at creating strong emotional ties with its customers, conceiving a bold, generous creative universe, and reinventing its codes, is at the root of Kering’s success. Beyond short-term developments, we know that the secular growth of the Luxury market, but particularly our solid fundamentals and the discipline, with which we implement our strategy, will continue to support our operating and financial outperformance," François-Henri Pinault, chairman and chief executive officer. (RR)

Fibre2Fashion News Desk – India

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