French group Kering’s revenue up 23% in Q3FY22

The revenue of Kering, a France-based multinational corporation specialising in luxury goods, in the third quarter of fiscal 2022 was up 23 per cent as reported and up 14 per cent on a comparable basis compared to the third quarter of fiscal 2021. In comparison to the third quarter of fiscal 2019, the comparable revenue of the group was up 28 per cent.

Revenue in the directly operated store network continued to grow at a rapid pace, up 19 per cent on a comparable basis. All regions posted growth. Western Europe (+74 per cent) and Japan (+31 per cent) achieved particularly outstanding performances. In North America (+1 per cent), steady activity reflects the high comparison base together with the hefty contribution from American tourists to European sales momentum. Growth in Asia Pacific (+7 per cent) was robust, despite the impact of COVID restrictions in Mainland China.

“Kering’s solid performances in the third quarter underscore the strength of the group and the pertinence of our strategy. We delivered sharp top-line growth, both versus last year and from pre-pandemic levels. Our ongoing focus on the exclusivity of our brands and on the quality of their distribution are yielding very positive results and reinforce their positioning in their key markets. 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. We are as confident as ever in the potential and prospects of the group,” François-Henri Pinault, chairman and chief executive officer, said.

Fibre2Fashion News Desk (RR)