Kering Group revenue of 5,137 million euros was up 23 percent as reported and up 14 percent on a comparable basis in the third quarter of 2022.
The company said in a release that versus the third quarter of 2019, comparable revenue was up 28 percent.
Revenue in the company’s directly operated store network increased 19 percent on a comparable basis. Revenues in Western Europe increased 74 percent and Japan rose by 31 percent. In North America sales were up 1 percent, while AsiaPacific reported 7 percent growth, despite the impact of Covid restrictions in Mainland China.
“We delivered sharp top-line growth, both versus last year and from pre-pandemic levels. In an increasingly complex environment, we maintain the required flexibility to support our profitability and sustain our investments in the long-term outlook of all our Houses, Gucci first and foremost,” said François-Henri Pinault, Kering’s chairman and chief executive officer.
Gucci, Yves Saint Laurent support strong Q3 growth at Kering
In the third quarter, Gucci’s revenue totaled 2,581 million euros, up 18 percent as reported and 9 percent on a comparable basis. Wholesale revenue rose 2 percent.
Sales generated in directly operated stores grew 9 percent on a comparable basis. The brand witnessed strong momentum in Western Europe, supported by both local customers and tourists, particularly from the US. In Japan, revenue rose, while performance in Mainland China was mixed, impacting sales in Asia-Pacific.
Yves Saint Laurent achieved third quarter revenue of 916 million euros, up 40 percent as reported and up 30 percent on a comparable basis.
Sales in directly operated stores rose 38 percent on a comparable basis, driven by all product categories. Revenue in Western Europe more than doubled. Wholesale revenue rose 13 percent on a comparable basis.
Bottega Veneta’s revenue totaled 437 billion euros in the third quarter, up 20 percent as reported and up 14 percent on a comparable basis. Growth was driven by sales in directly operated stores, up 20 percent on a comparable basis. Wholesale revenue fell 5 percent.
Kering’s other houses and eyewear post strong performance in Q3
In the third quarter, revenue from Kering’s other houses totaled 995 million euros, an increase of 17 percent as reported and 13 percent on a comparable basis. Revenue from directly operated stores grew 43 percent on a comparable basis. The company added that sales at Balenciaga and Alexander McQueen were particularly buoyant across all product categories. Brioni continued its rebound. Boucheron and Pomellato once again posted very good performances and Qeelin held out well against the complex operating environment in China. Wholesale revenue was down 25 percent.
Third-quarter revenue from Kering Eyewear and Corporate amounted to 253 million euros. Kering Eyewear achieved total sales of 246 million euros, up 23 percent on a comparable basis.