Kering doubles its sales in Q2
Kering’s Q2 2021 results are in, and they confirm the French luxury group’s exceptional recovery, which doubled its Q2 sales thanks to its Gucci brand.
The Kering group has just released its second quarter 2021 results. It is with joy that the LVMH rival announces that it almost doubled its sales in the second quarter, driven by the growth of its Gucci brand, the favorite luxury brand of Generation Z.
The release of results through a press release from Kering announces very strong business growth as well as half-year sales well ahead of 2019. Kering‘s revenue grew 49.6% as reported and 54.1% on a comparable basis, representing +8.4% growth over the same period in 2019.
“Kering delivered an excellent performance in the first half of the year and returned to a strong and profitable growth trajectory. All of our Houses contributed to the strong rebound in revenues, which significantly exceeded its 2019 level, with a strong acceleration in the second quarter,” said Kering Chairman and CEO François-Henri Pinault.
These results are partly due to the easing of health restrictions put in place to curb the pandemic, but also by the strong growth of the Gucci brand, which celebrates its centenary this year.
“In an environment that can change rapidly, our teams have demonstrated their ability to adapt, and we have the assets, resources and strategy to continue our journey successfully,” said François-Henri Pinault.
As a result, Kering posted a 95% increase in like-for-like sales between April and June compared to the same period last year, and an 11% increase compared to 2019 levels, before the health crisis.
Geographically, sales were boosted in North America, a region that saw a rebound in retail sales of nearly 260%, as well as in Asia Pacific (+53%). Activity in the distribution network, including e-commerce, was very strong, at +97.9% on a comparable basis in the second quarter.
Sales growth at its Gucci house climbed 86.1% on a comparable basis in Q2 2021. Store sales, meanwhile, are up +93.0%, representing a +10.7% increase over the second quarter of 2019.
The Saint Laurent house also concluded a very good quarter, with revenue up 118.5% on a comparable basis. Bottega Veneta recorded revenues of €379.4 million, up 69.0%.
Read also > KERING : ACQUISITION OF LUXURY EYEWEAR MANUFACTURER LINDBERG TO STRENGTHEN KERING EYEWEAR
Featured photo: © Press
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