14 February 2024

A trying year for Kering

Image shows a display of handbags at the newly renovated Gucci store in Milan.

Luxury group Kering has reported its full-year results for 2023. The group achieved revenue of €19.6 billion for the year, down by 4% compared to 2022, writes Leatherbiz.

Its biggest brand, Gucci, achieved revenues of €9.9 billion, down 6% year on year. The group said leathergoods was one of the Gucci categories that began to show “sequential improvements” in the fourth quarter.

Towards the end of the fourth quarter, Gucci reopened its store on the Via Monte Napoleone in Milan’s famous Quadrilatero. Wholesale revenue for Gucci was down by 5%.

At Yves Saint Laurent, revenues for the year fell by 4% to reach €3.2 billion. Full-year revenue from its wholesale business was down by 26%. Wholesale revenues for the fourth quarter were down by 39%. Kering said the brand had performed well in Japan and the rest of Asia during the fourth quarter, while sales in North America and western Europe were down.

The biggest Yves Saint Laurent store in the world opened during the fourth quarter on the Champs-Elysées in Paris.

Revenues at Bottega Veneta reached €1.6 billion, a fall of 5% year on year. Again, there was a sharp fall in revenues from wholesale customers, which were down by 24%. Kering said this was in line with the brand’s strategy.

Chief executive, François-Henri Pinault, commented: “In a trying year for the group, we strengthened our organization and took significant steps to further enhance the visibility and exclusivity of our houses. We are focused on revitalising Gucci, leveraging the unique blend of craftsmanship, Italian heritage, and modernity that characerises this iconic house.”

He said that that, after a decade of “outstanding expansion”, it remained confident of achieving its long-term ambitions.

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