28 April 2023

Luxury group Kering has reported revenues of just over €5 billion for the first quarter of 2023. This figure represents growth of 2.4% year on year, writes Leatherbiz.

Chief Executive, François-Henri Pinault, described the group’s performance as mixed. He said Kering was working to make its brands more desirable and to raise their profile in key markets. The key to sustained, profitable growth, Mr Pinault said, will be making sure the group’s brands are able “to enhance their appeal and exclusivity”.

Gucci’s revenues were up by 1% to just over €2.6 billion. Saint Laurent achieved 9% growth, taking its revenues for the quarter to €806 million. Bottega Veneta’s were flat at €395 million.

On the subject of key markets, the group currently has 1,673 directly operated stores across the world. Retail sales contributed 76% of the total and wholesale the other 24%. Retail sales were up by 30% in Japan, by 10% in the rest of Asia and by 15% in Western Europe. However, sales in its retail outlets in North America were down by 18%.

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