Kering exceeds expectations in Q1, Gucci rebounds

The Group’s revenue increased strongly in the first quarter, at +25.8% on a comparable basis. The Group exceeded its pre-pandemic level for the first time and, compared to the first quarter of 2019, grew by +5.5% at constant exchange rates.


“Kering achieved a very good performance in the first quarter, with revenues exceeding pre-pandemic levels. All of our Houses contributed to this rebound and we are particularly pleased with Gucci’s momentum as the House celebrates its centenary. Although 2021 will still be marked by the effects of the health crisis, the strategy, positioning and creativity of each of our Houses will enable them to excel in the current context. “François-Henri Pinault, Chairman and CEO of Kering, said in a press release published on Tuesday.


Growth was driven in a very balanced way by the good performance of all brands, with Gucci leading the way. Sales of the luxury house network, in a period still marked by the closure of part of the distribution network, grew by +31.8% compared to the first quarter of 2020 and by +6.3% compared to the first quarter of 2019.


The increase in sales is particularly supported by the exceptional dynamism of Asia-Pacific and North America, up +83% and +46% respectively. Online sales continued to grow at +108% in the quarter, driven by all regions, with e-commerce up 14%.


Sales via multi-brand retailers (Wholesale) grew by +8.9% on a comparable basis in the first quarter of 2021, in a context of gradual rationalisation of this distribution channel.


Gucci: an excellent performance


2,167.7 million in the first quarter of 2021, up 20.2% as reported and 24.6% on a comparable basis.


The desirability of the collections, the success of collaborations and the numerous initiatives with local customers resulted in a +33.6% increase in sales in the shop network. This attractiveness was particularly strong in Asia-Pacific (+78%) and North America (+51%). Wholesale sales were down 26.1%, in line with the House’s strategy of making its distribution even more exclusive.


Yves Saint Laurent: sustained growth momentum


Yves Saint Laurent had a very good start to the year, with sales of € 516.7 million, up 18.9% on a reported basis and 23.4% on a comparable basis. In the directly operated shop network, sales were up 30.7%, with double-digit growth rates in all product categories. The sales momentum intensified in North America (+46%) and Asia-Pacific (+89%), where the brand’s presence and reputation continued to grow.


Sales in the Wholesale network grew by 12.9% on a comparable basis.


Bottega Veneta: strong growth on high comparables


Bottega Veneta delivered a record first quarter with revenue of €328.2 million, up 19.9% as reported and 24.6% on a comparable basis. Sales in the company’s own shop network were up 23.7%, on a very high basis of comparison in the first quarter of 2020, particularly in North America and Western Europe. All product categories recorded double-digit growth rates.


The House’s sales via multi-brand retailers grew by +27.1%, in a context of greater selectivity in the number of partners.


Solid growth for the other Houses


Sales of the other Houses totalled 714.3 million euros in the first quarter, up 29.1% as reported and +33.1% on a comparable basis. Sales in directly-operated shops were up 29.3% on a comparable basis in the quarter and wholesale sales were up 38.3%.


Growth at Alexander McQueen and Balenciaga was particularly strong in their network of boutiques in North America, as well as in Asia-Pacific, where these two brands continued to strengthen their positions.


The Jewellery Houses had an excellent first quarter. Boucheron, whose development strategy is bearing fruit, recorded strong growth, particularly in Japan and the Asia-Pacific region; Pomellato returned to very good momentum; and Qeelin’s exceptional growth trajectory was confirmed. The Manufactures Horlogères also got off to a good start this year.


First quarter sales for “Corporate and Other” were up 18.6% on a reported basis and 22.9% on a comparable basis, driven by a very good performance by Kering Eyewear in its main markets.



Photo à la Une : © Kering


The editorial team
The editorial team
Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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