Luxury Goods

Kering’s Q1 revenues return to pre-pandemic levels

The figure represented a 5.5% increase at constant exchange rates when compared to Q1 2019

Luxury fashion group Kering has revealed that its revenues for the first quarter of the year have returned to pre-pandemic levels as consolidated revenues spiked 25.8% year-on-year.

Kering claimed that the growth was driven by an uptick in sales of 83% in Asia-Pacific and 46% in North America.

Moreover, online sales at the group soared 108% year-on-year for Q1 2021, bringing e-commerce to 14% of Kering’s total retail sales.

François-Henri Pinault, chairman and CEO at the group, said: “In the first quarter, Kering delivered a strong topline performance, bouncing back above pre-pandemic levels.

“While 2021 should still face some impact from the health crisis, the strategy, positioning and creativity of our houses will enable each one of them to thrive in today’s environment.”

While Kering saw growth at Yves Saint Laurent, Bottega Veneta, and a number of its other businesses, Gucci’s revenue for the period climbed 20.2% to £1.88bn.

Pinault added that although “growth was consistent across all our houses” the firm is “particularly pleased with Gucci’s momentum”.

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