- Prachi Singh |
Kering said, its revenues in the third quarter of 2018, increased 27.6 percent as reported and 27.5 percent on a comparable basis to 3,402 million euros (3,903 million dollars), while Revenues at Gucci were up 34.9 percent as reported and 35.1 percent on a comparable basis.
“We are extraordinarily proud of the remarkable performances Kering delivers quarter after quarter. Our growth, whose pace is unprecedented in the Luxury sector, is sound, well balanced and sustained across all regions and distribution channels,” said François-Henri Pinault, Chairman and Chief Executive Officer of Kering in a statement.
Kering’s luxury house witness robust sales growth
Kering’s luxury houses also reported outstanding growth in total revenue, while comparable growth in directly operated stores amounted to 27.6 percent, driven by double-digit increases across all regions, led by North America (up 36.1 percent comparable) and Asia Pacific (up 33.3 percent comparable). Kering added that online sales growth exceeded 80 percent and wholesale rose by 27 percent on a comparable basis during the quarter.
Revenues at Gucci were up 34.9 percent as reported and 35.1 percent on a comparable basis, to 2,096 million euros (2,404 million dollars). Growth in retail sales was 35 percent on a comparable basis, led by 42.9 percent sale rise on comparable basis in Asia Pacific and 40.7 percent sales growth on comparable basis in North America. Ecommerce reported strong comparable growth, up nearly 70 percent, while wholesale was up 36.3 percent on a comparable basis.
Yves Saint Laurent reported revenue of 447 million euros (513 million dollars) in the third quarter, up 16.5 percent as reported and 16.1 percent on a comparable basis. With double-digit growth in all regions, sales in directly operated stores rose 17.5 percent on a comparable basis, including a 27.5 percent increase in North America. Wholesale advanced 14.2 percent on a comparable basis.
Bottega Veneta revenue in the third quarter totalled 259 million euros (297 million dollars), down 7.8 percent as reported and 8.4 percent on a comparable basis, which the company said were impacted in its directly operated stores by lower tourism in Western Europe. The company added that new creative director Daniel Lee is currently remoulding the Bottega Veneta universe and will make his debut in Tokyo in early December; and his first full collection will be presented in February 2019.
Revenue from the other houses totalled 516 million euros (592 million dollars), up 32.2 percent as reported and on a comparable basis. The “corporate and other” segment delivered strong growth in the third quarter, with revenue up 48.8 percent as reported and 43.7 percent on a comparable basis reflecting a 47.9 percent comparable increase in consolidated sales at Kering Eyewear.