49% rise in Gucci revenues drives Kering Q1 results

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Gucci tax

All eyes on Gucci as its parent company Kering reported a 48.7 per cent rise in revenues for the luxury fashion brand.

Revenues at Kering rose 36.5 per cent in the first three months of the year to EUR 3.11 billion (£2.72 billion) on a comparable basis.

The results were led by Gucci, whose revenues were up 48.7 per cent to EUR 1.87 billion (£1.64 billion).

Saint Laurent, Kering’s second-largest brand, also fared well with sales up 12 per cent to EUR 408 million (£356 million).

Kering reported double digit growth in all geographical regions with Northern America up 54.3 per cent on a comparable basis and Asia Pacific up 42.2 per cent.

The news comes as the luxury goods conglomerate continued to streamline its portfolio to focus purely on luxury brands.

“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,” Kering chairman François-Henri Pinault said in a statement.

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