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Kering inks double digit Q1 sales growth
Apr '15
For the first quarter of 2015, group revenue at Kering which has luxury fashion brands like Gucci and Alexander McQueen in its portfolio, rose in double digits from a year earlier quarter.

“On a reported basis, revenue rose to €2.7 billion in the first quarter of 2015, up 11.4 per cent over the first quarter of 2014 and was nearly flat on exchange rate basis,” a Kering press release informed.

Its Luxury business posted reported revenue growth of 11 per cent year over year in the first quarter of 2015, driven by positive trends in Western Europe, where comparable sales were up 14 per cent from the prior year quarter.

In the reporting quarter, the Gucci brand, which is in a period of transition, recorded reported sales growth of nearly 4 per cent, but was down 8 per cent on a comparable basis.

Although comparable sales in Gucci’s directly operated store network were up 6 per cent in Western Europe and stable in the US, performances elsewhere like in Asia-Pacific and Japan were mixed.

However, Bottega Veneta clocked reported a higher sales growth of 16 per cent and just 3 per cent on a comparable basis in the first quarter of 2015.

“Sales recorded by directly operated stores were mainly driven by the excellent momentum in Western Europe, where sales jumped 34 per cent on a comparable basis,” Kering said.

Reported sales at Yves Saint Laurent were up by a massive 34 per cent, and 21 per cent on a comparable basis.

Directly operated stores delivered particularly strong performances in North America, Western Europe and Japan, where comparable sales rose 39 per cent, 29 per cent and 22 per cent, respectively.

In the quarter under review, reported revenues from its other luxury brands grew 14 per cent, but were down nearly 4 per cent on a comparable basis.

Reported sales generated by its Sport & Lifestyle division were up 13 per cent and also rose 4 per cent on a comparable basis in the first quarter of 2015.

Mainly driven by strong sales momentum in the footwear category, Puma inked reported sales growth of 13 per cent and 4.5 per cent on a comparable basis,.

CEO at Kering, François-Henri Pinault said, "Group revenues in the first quarter reflect a complex economic and monetary environment as well as the transition underway at Gucci.”

“Our priority today is to give our flagship luxury brand fresh impetus and we are confident in the success of the action plans initiated by the new teams, both on a creative and organisational front,” Pinault added.

“Alongside, we pursue the implementation of our strategy while keeping a tight rein on costs; so consequently, we expect a gradual improvement in our performance through the year," he observed. (AR)

Fibre2fashion News Desk - India

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