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Kering has reported “record” revenues of €17.64bn (£14.72bn) in FY21, up 35% year-on-year from €13.1bn (£10.93bn) and up 13% from pre-Covid levels of €15.88bn (£13.25bn), with growth across all houses within the company and across all regions.
Additionally, Kering achieved “record” operating income, growing 60% year-on-year to €5.01bn (£4.18bn), up from €3.13bn (£2.61bn) in FY20 and €4.77bn (£3.98bn) in FY19.
EBITDA also increased 41.5% year-on-year from €6.47bn (£5.39bn) to €6.47bn (£5.39bn), rising 41.5% from pre-Covid levels of €6.02bn (£5.02bn). In addition, net income attributable to the group was €3.17bn (£2.65bn), up 47.7% year-on-year from €2.15bn (£1.79bn) and £2.3bn (£1.92bn) from pre-Covid levels.
Overall, Gucci was the top selling brand with revenues of €9.73bn (£8.12bn), up 30.8% from €7.44bn (£6.2bn) in FY21 and €9.62bn (£8.03bn) in FY19. However, as part of the overhaul of Gucci’s distribution, wholesale revenues fell 10% year-on-year and 39% from 2019.
Yves Saint Laurent’s 2021 revenues also reached €2.52bn (£2.1bn), increasing 45% from FY20 and 46% from FY19. Kering’s other houses generated revenues of €3.26bn (£2.72bn) in FY21, up 43% from FY20 and 44% from FY19, providing approximately €1bn (£8.34m) in additional revenue year-on-year.
Meanwhile, sales from directly operated stores in Kering’s other houses rose 46% from FY20 and 40% from pre-Covid levels, and wholesale revenues rose 40% year-on-year with “excellent performances” from Balenciaga, Alexander McQueen, and all Jewellery Houses.
Sales generated in the retail network grew 37% year-on-year, and by 10% from FY19. Online sales also grew 55% and it now accounts for 15% of the total sales in the retail network.
François-Henri Pinault, chairman and chief executive officer, said: “All our houses achieved a sharp sales rebound, way beyond their 2019 levels, while reinforcing the exclusivity of their distribution and further enhancing their brand equity.
“We are working assiduously to meet our ambitious sustainability commitments. All our Houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years.”
