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Kering reports 'spectacular' Gucci sales

Luxury fashion group Kering has reported “spectacular growth” from Gucci for the first quarter of 2018.

Sales at the Italian fashion house rose 48.7% to €1.9bn (£1.6bn) year on year, driven by “sharp increases” in revenue from North American and Asia-Pacific shoppers.

The group, which also owns Saint Laurent, Balenciaga and Alexander McQueen, reported sales increases at all its houses, reaching overall revenue of €3.1bn (£2.7bn) for the first quarter.

Sales from directly operated stores continued to grow, up 39.9% on a comparable basis. Online sales more than doubled for the quarter year on year. Wholesale revenues rose by 30.5%.

The group reported “continued very strong growth momentum” for Saint Laurent with revenue of €408.2m (£357.1m), up 12% as reported and 19.6% on a comparable basis “propelled by surging revenue” in North America, Asia-Pacific and Japan.

Bottega Veneta delivered revenues of 0.7% on a comparable basis. Wholesale was down for the quarter as the House continues to “optimise its store network and strength its visibility” in communications.

Chairman and CEO François-Henri Pinault said: “Kering maintained its outstanding sales momentum in the first quarter. Under its new luxury pure player profile, the group clearly outperformed a market that remains well oriented.

“Gucci, Saint Laurent and Balenciaga set a high mark within a group that delivered sharp growth as a whole. In the balance of the year, we face a high base of comparison and a tough currency environment, but we are confident in the ability of our houses to continue doing better than their peers, leveraging their innovativeness and creative audacity.”

On 28 March Stella McCartney and Kering announced they had entered into an agreement for the sale and purchase of Kering’s 50% stake in the eponymous brand back to the designer.

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