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Kering revenue up 14.2% to €3.884 billion in Q3 2019

Oct '19
Pic: Kering
Pic: Kering
Global luxury group Kering has delivered another quarter of high growth in consolidated revenue in the third quarter of 2019, up 14.2 per cent as reported, and up 11.6 per cent on a comparable Group structure and exchange rate basis, to €3,884.6 million. Online sales climbed 20.1 per cent, while wholesale growth was up 8.7 per cent comparable.

Growth in total revenue of Kering’s Houses (up 11.3 per cent on a comparable basis) was particularly well balanced and fuelled by sales in the directly operated store network (up 12 per cent on a comparable basis). "This strong upward trend was driven by Asia-Pacific (up 16.6 per cent on a comparable basis), Western Europe (up 12.2 per cent on a comparable basis) and Japan (up 11.9 per cent on a comparable basis)," Kering said in a statement.

“We achieved another strong quarter, and all our segments contributed to our solid top-line gain. Our progress, on top of considerable expansion in the past two years, is healthy and well balanced across all Houses. We are consolidating our growth trajectory, and carrying out continuous, targeted operating investments. We live in an increasingly complex world, but we are fully confident in our capacity to deliver sustained performances over time,” said François-Henri Pinault, chairman and chief executive officer of Kering.

Gucci delivered very healthy growth in the quarter, with revenue up 13.3 per cent as reported and 10.7 per cent on a comparable basis to €2,374.7 million, once again on top of particularly high bases of comparison. All of the main product categories contributed to this growth, demonstrating the enduring success of the House’s collections. Growth in sales from directly operated stores (up 10.7 per cent on a comparable basis) was led by Asia-Pacific (up 17.9 per cent on a comparable basis) and Western Europe (up 11.9 per cent on a comparable basis). Wholesale rose 9.8 per cent on a comparable basis.

Yves Saint Laurent pursued its double-digit growth in the quarter, with revenue up 13.3 per cent as reported and 10.8 per cent on a comparable basis to €506.5 million. Growth was balanced across distribution channels, with an 11.4 per cent rise in comparable sales from directly operated stores driven by all of the House’s geographic regions, and an 8.2 per cent increase from wholesale.

Bottega Veneta saw highly encouraging growth during the third quarter, with sales up 9.8 per cent as reported and 6.9 per cent on a comparable basis to €284.3 million. Daniel Lee’s collections were extremely well received, by established and new customers alike. Sales from directly operated stores rose 7.5 per cent on a comparable basis, with sharp growth in Western Europe (up 10.1 per cent comparable) and North America (up 17.1 per cent comparable). Wholesale continued to grow, up 4.1 per cent comparable.

Revenue from Kering’s Other Houses totaled €612.3 million in the third quarter, up 18.6 per cent as reported and 16.3 per cent on a comparable basis.

Fibre2Fashion News Desk (RKS)

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