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Kering's consolidated revenue growth rises 31.2% in Q1
Apr '17
The consolidated revenue growth for luxury group Kering for the first quarter of 2017 rose by a massive 31.2 per cent and 28.6 per cent on a comparable basis. Group revenue at Kering which has luxury fashion brands like Gucci and Alexander McQueen in its portfolio, rose in double-digit growth across all activities and all geographic regions excluding Japan.

Group revenue for Q1 aggregated to €3,573.5 million. Revenue generated by luxury activities totalled €2,417.1 million in the first quarter of 2017, up by a sharp 34.0 per cent and 31.6 per cent on a comparable basis. Sales growth in the Group’s directly operated store network was particularly high, at 36.6 per cent on a comparable basis, driven by remarkable performances in Western Europe and the Asia Pacific region, which reported retail sales increases on a comparable basis of 49.9 per cent and 46.7 per cent, respectively.  Growth in retail sales was also significant in North America and the Rest of the world, up 29.7 per cent and 28.1 per cent, respectively, on a comparable basis. Online sales leapt 60.1 per cent on a comparable basis, underscoring the success of the digital strategies implemented by Kering’s Luxury Houses. 

In the reporting quarter, the Gucci brand recorded reported sales growth by 51.4 per cent and 48.3 per cent on a comparable basis, with all regions and product categories contributing to the overall rise. Sales in directly operated stores were up 51.4 per cent on a comparable basis, with especially sharp increases in Western Europe (up 66.4 per cent on a comparable basis) and the Asia Pacific region (up 63.1 per cent on a comparable basis). However, Bottega Veneta's revenue was also up 4.7 per cent as reported and 2.3 per cent on a comparable basis, marking an upturn for the brand against a backdrop of more favourable market conditions. Yves Saint Laurent delivered another excellent performance in the first quarter, with revenue up 35.4 per cent as reported and 33.4 per cent on a comparable basis.

"Kering achieved a record performance in the first three months of the year, posting a sharp acceleration in sales growth.  Benefitting from somewhat more favorable market conditions, our strong delivery primarily stems from meticulous execution of our strategy and the creative audacity of our Houses. In a climate of persistent geopolitical and macroeconomic uncertainties, our first quarter puts us in a particularly good position for the balance of the year.  The Group will continue to focus on organic growth and market share gains, on value creation and ongoing operational and financial discipline," said Francois-Henri Pinault, Kering chairman and chief executive officer.

Revenue generated by Sport & Lifestyle activities advanced 16.5 per cent year on year and 14.0 per cent on a comparable basis, fuelled by an excellent performance from Puma, which reported record quarterly revenue of €1,008.9 million. All geographic regions except Japan registered double-digit sales growth and Footwear was the leading product category, with sales up by a significant 24.8 per cent on a comparable basis. 

In the first quarter of 2017, Kering had also launched its new sustainability strategy for 2025, which was divided into three themes: Environment, Social Welfare and Innovation. (RR)

Fibre2Fashion News Desk – India

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