Gucci owner Kering revenue reaches “pre-pandemic levels”

Kering François-Henri Pinault trading update Gucci
Sales at Gucci were up 21.6% on the first quarter
// Kering sales rise in first quarter
// The growth was driven by good performances from all brands
// Compared with the first quarter of 2019, revenue increased 5.5%

Kering has seen its revenues rise to pre-Covid levels in its first quarter results, driven by good performances from all brands.

Group consolidated revenue for the first quarter increased by 21.4 per cent on an as-reported basis, or 25.8 per cent on a comparable basis to €3.89 billion (£3.35 billion).

Compared with the first quarter of 2019, revenue increased 5.5 per cent on a constant-currency basis.


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The increase in sales was largely driven by Asia-Pacific – up 83 per cent – and North America – up 46 per cent.

Sales at Gucci were up 21.6 per cent on the first quarter or 26 per cent on a comparable basis; Saint Laurent increased by 20.2 per cent or 24.6 per cent on a comparable basis; Bottega Veneta increased by 19.9 per cent or 24.6 per cent on a comparable basis.

Comparable revenue generated by Kering’s directly operated networks rose by 31.8 per cent from the first quarter and by 6.3 per cent versus the first quarter of 2019, against a backdrop of store closures.

There was growth in online sales across all regions, up 108 per cent during the period.

“In the first quarter, Kering delivered a strong topline performance, bouncing back above pre-pandemic levels,” Kering chairman and chief executive François-Henri Pinault said.

“Growth was consistent across all our houses, and we are particularly pleased with Gucci’s momentum as the brand kicks off its centennial celebration.

“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.”

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