Gucci helps Kering ‘outperform’ sector

Kering has continued to “significantly outperform the sector” as its Gucci brand delivered revenues of £7.27bn.

The luxury goods group reported consolidated revenues of £11.9bn up 26.3% from the previous year. The company’s like-for-like sales also rose by 24.5% to £3.32 billion.

Kering said its two primary brands Gucci and Saint Laurent continued to deliver “exceptional growth”, up 36.9% and 18.7%, respectively. Gucci’s like-for-like sales grew by 28.1% in Q4 and the brand accounted for £2.8bn of the group’s £3.8bn operating income.

François-Henri Pinault, chairman and CEO, said: “2018 was an excellent year for Kering and its Houses. Once again, we significantly outperformed our sector. In an environment that was generally favourable but grew increasingly complex, Kering generated 2.8 billion euros in incremental revenues and 1.3 billion euros in additional EBIT compared to 2017.

“Our healthy, balanced and profitable growth reflects skillful execution of our strategy, rigorous financial discipline, and a shared culture emphasizing responsibility and commitment. Having worked throughout the year to strengthen the group and its brands, we have the ambition and the means to sustain our profitable growth momentum.”