The parent company of luxury fashion retailers Gucci and Stella McCartney has recorded a 10 per cent sales increase in its latest quarterly report.
Boosted by an 18 per cent revenue uptick from Gucci, Kering posted sales of â‚¬3.2 billion (£2.8 billion) in the third quarter – bucking an overall slowdown in the luxury-goods sector mainly caused by a volatile currency and weak tourist spending.
In addition, for the first nine months of the year sales for the France-based conglomerate went up by six per cent compared to the same period last year.
Kering‘s performance was slightly better than its main competitor, LVMH Moet Hennessy Lous Vuitton, which earlier this month recorded a sales increase of four per cent for the nine-month period.
Gucci – which accounts for around one third of Kering‘s total sales – witnessed sales in the Asia Pacific area increase by 33 per cent in the third quarter, while sales rose 32 per cent in Western Europe and 20 per cent in North America.
Meanwhile, Yves Saint Laurent – the company‘s fastest-growing brand – recorded a sales increase of rose 34 per cent to â‚¬326.1 million. (£291.7 million).