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Luxury goods group Kering has announced 36.5% revenue growth for the first quarter of 2018, driven by a 49% rise in revenues at Gucci.
Thanks to “favourable market conditions” Kering reported that its group revenues for Q1 totalled £2.72bn.
Kering attributed the growth to the group’s online sales which “more than doubled” during the period and the “spectacular growth” at Gucci where revenue reached £1.6bn.
Yves Saint Laurent also saw positive revenue growth, up 19.6% to £357m, propelled by surging revenue in North America (up 27%) and strong wholesale growth in Western Europe (32.3%).
Total revenue from its additional brands including Bottega Veneta, Balenciaga and Alexander McQueen amounted to £633.6m, up 40% on a comparable basis.
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.”
