28 April 2022
Luxury group Kering is the latest of the Paris-based leathergoods companies to report its results for the first quarter of 2022, with revenues of just under €5 billion, an increase of 27% year on year, writes Leatherbiz.
Gucci’s revenues for the quarter were €2.6 billion, an increase of 20% year on year. The group said Yves Saint Laurent had had “an exceptional start to the year”, with revenue of €739 million, up by 43%.
It was pleased with Bottega Veneta’s performance too, bringing in revenues of €396 million over the three-month period, an increase of 21% compared to the same period in 2021 and of 59% compared to the first quarter of 2020.
On reporting the results, chief executive, François-Henri Pinault, said he felt a great deal of sympathy for all those affected by the war in Ukraine and that Kering remained “attentive to the economic and geopolitical” challenges in the global market.
He said the group was committed to investing in all of its brands and that they had delivered “a very solid quarter in a more uncertain environment”.