The group led by François-Henri closed the first quarter with sales of 3.8 billion euros. All the designer labels rose with the exception of Bottega Veneta (-8.9%) in the relaunch phase
Excellent start to the year for Kering, which closed the first quarter with sales of 3.8 billion euros, up 22%. Gucci, with a + 20%, and Yves Saint Laurent at + 17.5%, with balanced growth in all geographic areas, are pulling the sprint for the French luxury giant.
“Kering had a great start in 2019, with growth once again higher than the market,” commented François-Henri Pinault, president and CEO. “On very high terms of comparison with the previous year, Gucci, Saint Laurent and our other fashion houses performed very well, fueled by the creativity of their offer and their ability to innovate.
Sales dropped instead for Bottega Veneta (-8.9% on a like-for-like basis), despite the promising reception of the first creations by Daniel Lee. “Bottega Veneta, whose fundamental reinvention is underway has given us the first signs are very encouraging. The agility we put at the center of our organization puts us in an excellent position to pursue constant, sustainable and profitable growth,” Pinault continued.
Excellent momentum for the other brands, up 21.7%, driven by the strong growth of Balenciaga and Alexander McQueen. Solid performance of the watch and jewelry division.
The Asia-Pacific area has grown by over 30%, with a strong contribution from mainland China. Excellent performance also in Europe (+ 14%) and Japan (+ 12%). North America (+ 7%) was more affected by the exceptional growth of the first quarter of 2017 and 2018 (when retail sales rose by 30% and 54% respectively). Chinese customers increased by 25% in the quarter, with more and more purchases made in China, but not to the detriment of the other countries of Asia Pacific, Japan and Europe.