Revenue from Kering’s Other Houses amounted to €576.9 million in the first quarter, up 25.0 per cent as reported and 21.7 per cent on a comparable basis.
On top of high comparisons, Gucci has delivered a very good quarter, with revenue up 24.6 per cent as reported and 20.0 per cent on a comparable basis to €2,325.6 million. Both carryovers and newness saw strong success once again. Sales from directly operated stores rose 20.3 per cent on a comparable basis, with excellent performances in Asia-Pacific (up 35.3 per cent on a comparable basis) and sound growth in Japan (up 15.8 per cent on a comparable basis) and Western Europe (up 11.9 per cent on a comparable basis). The success of the collections was also reflected in the performance of the wholesale network, which posted a 16.1 per cent increase in revenue on a comparable basis.
Yves Saint Laurent reported revenue of €497.5 million in the first quarter of 2019, up 21.9 per cent as reported and 17.5 per cent on a comparable basis. The influence of the ready-to-wear lines, illustrated by the House’s iconic fashion shows, and the highly attractive leather goods collections fueled a 21.7 per cent increase in sales from directly operated stores on a comparable basis. All regions delivered double-digit growth on a comparable basis, with solid performances from Western Europe, up 25.3 per cent, North America, up 21.3 per cent, and Asia-Pacific up, 20.9 per cent. Against very high bases of comparison, the wholesale network posted an 8.2 per cent increase on a comparable basis.
Sales of Bottega Veneta totaled €248.1 million in the first quarter of 2019, down 5.0 per cent as reported and 8.9 per cent on a comparable basis. Revenue from directly operated stores retreated, and the wholesale network saw a slight decline in the quarter. Daniel Lee’s hotly anticipated collections will be gradually available in stores from mid-2019. The very first creations launched in the first quarter in selected stores met with considerable success.
“Delivering a solid start to 2019, Kering continued to outperform. On top of very strong increases in the first quarter of last year, Gucci, Saint Laurent and our Other Houses all posted excellent revenue growth, fueled by the creativity of their offers and the innovativeness of their execution. As Bottega Veneta implements a fundamental reset, early indicators are highly encouraging. The agility we have put at the heart of our organisation positions us well to continue achieving steady, sustainable and profitable growth," François-Henri Pinault, chairman and chief executive officer. (RR)
Fibre2Fashion News Desk – India
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