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Kering reveals double-digit growth in Q1 of 2022

Camilla Rydzek
22 April 2022

Kering has reported double-digit growth for all of its luxury fashion and leather goods brands in the first quarter, however it warned of COVID restrictions in China impacting results.

Results for Kering Group

  • In the first quarter of 2022 group revenues grew 27% reported on a year-on-year basis.
  • Revenue from directly operated stores were up 32% relative to the same period in 2019.
  • Online sales accounted for 15% of total direct sales.

Sales growth was supported by very strong momentum in Western Europe, North America, and Japan. In Asia-Pacific, sales were affected by new lockdowns in certain major Chinese cities.

The business highlighted Gucci's "strong" performance in North America and Europe, with revenues increasing 20% to amounting to £2.2 billion (€2.7 billion). The aforementioned performed was overshadowed by mixed performance in Asia-Pacific and most notably in Mainland China, where COVID-related lockdown measures continue.

Results for Saint Laurent

  • "Exceptional start to the year" with revenues up 43% to £618 million (€739 million).
  • Sales in directly operated stores up 49% on a comparable basis, with "strong" momentum in Western Europe and North America.

Results for Bottega Veneta

  • Revenue of £331 million (€396 million), up 21%.
  • Sales in directly operated stores were up 18% on a comparable basis, with "very good performances" in Western Europe, North America, and Japan.

Results for Other Houses

  • Revenues of £814 million (€973 million), up 35%, with each house delivering double-digit growth.
  • Sales from directly operated stores rose 45% on a comparable basis.
  • "Outstanding growth" at Balenciaga and Alexander McQueen

François-Henri Pinault, Chairman & CEO of Kering said: "While we remain attentive to economic and geopolitical conditions, we invest in all our brands, whose attractivity will continue to fuel our growth and profitability. Finally, I want to express my heartfelt sympathy, on behalf of all of us at Kering, to the people whose lives are affected by the war in Ukraine."

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