- Prachi Singh |
The Kering Group said that it delivered another quarter of high growth in consolidated revenue, up 14.2 percent as reported and 11.6 percent on a comparable group structure and exchange rate basis to 3,884.6 million euros (3,202.2 million dollars). The company said, growth in total revenue of Kering’s Houses up 11.3 percent on a comparable basis was fuelled by 12 percent comparable sales growth in the directly operated store network. Kering added that this strong upward trend was driven by 16.6 percent sales rise in Asia-Pacific on a comparable basis, 12.2 percent in Western Europe and 11.9 percent in Japan, while online sales increased 20.1 percent during the period and wholesale channel posted 8.7 percent growth on comparable basis.
“We achieved another strong quarter, and all our segments contributed to our solid top-line gain. Our progress, on top of considerable expansion in the past two years, is healthy and well balanced across all Houses. We are consolidating our growth trajectory, and carrying out continuous, targeted operating investments,” said François-Henri Pinault, Chairman and Chief Executive Officer of Kering in a statement.
Kering’s growth shows strong results at Gucci
Gucci, the company said, delivered very healthy growth in the quarter, with revenue up 13.3 percent as reported and 10.7 percent on a comparable basis to 2,374.7 million euros (2,637.4 million dollars). The House witnessed growth in sales from directly operated stores, up 10.7 percent on a comparable basis led by AsiaPacific, up 17.9 percent on a comparable basis and Western Europe, up 11.9 percent on a comparable basis, while wholesale rose 9.8 percent on a comparable basis.
Yves Saint Laurent reported double-digit growth in the quarter, with revenue up 13.3 percent as reported and 10.8 percent on a comparable basis to 506.5 million euros (562.5 million dollars), with an 11.4 percent rise in comparable sales from directly operated stores driven by all of the House’s geographic regions, and an 8.2 percent increase from wholesale.
Sales at Bottega Veneta rose 9.8 percent as reported and 6.9 percent on a comparable basis to 284.3 million euros (315.7 million dollars). Sales from directly operated stores rose 7.5 percent on a comparable basis, with 10.1 percent growth in Western Europe on comparable basis and 17.1 percent comparable sales growth in North America, while wholesale sales were up 4.1 percent comparable.
The group’s Other Houses saw revenue rise of 18.6 percent as reported and 16.3 percent on a comparable basis to 612.3 million euros (680 million dollars) in the third quarter. Corporate and other segment revenues totalled 106.8 million euros (118.6 million dollars), up 27.4 percent as reported and 24.8 percent on a comparable basis driven by the very strong performance from Kering Eyewear, which reported a 29.1 percent comparable increase in consolidated sales to 100.1 million euros (111.1 million dollars).