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Kering sees very strong sales growth in first-half 2021 results

Tom Shearsmith
28 July 2021

Luxury fashion house Kering has announced it saw a 48.9% revenue increase on an as-reported basis and 53.3% increase on a comparable basis to €7.7 billion for the six months to 30 June 2021.

In the second quarter of 2021, comparable revenue growth continued to accelerate, up 95.0% year on year and 11.2% versus the second quarter of 2019.

On a comparable basis to 2020 results, Gucci revenue reached €4.5 billion, up 50.3%. Yves Saint Laurent revenue reached €1 billion, up 58.2%. Bottega Veneta revenue rose to €707.6, up 45.0%. Kering's other houses reached a total revenue of €1.5 billion, up 64.5%.

Sales generated in directly operated stores, which accounted for around 80% of the Houses' total sales in the first half of 2021, were driven by the momentum in North America and the Asia Pacific region.

Overall, comparable sales from the directly operated store network, including e-commerce, were 60.1% higher than in the first half of 2020 and up 11.2% from the first six months of 2019, even though an average of 17% and 13% of the store network remained closed during the first quarter and second quarter of 2021, respectively.

E-commerce represented 14% of total retail sales in the first six months of 2021. In the first half, wholesale revenue increased 29.8% year on year on a comparable basis. Comparable sales generated by this channel were down 4.0% in the past two years, reflecting the Houses’ strategy of streamlining their wholesale networks.

Though it remains highly dependent on developments in the health situation and associated restrictions across countries and regions, the luxury market has posted a significant rebound since the beginning of the year.

François-Henri Pinault, Chairman & CEO of Kering, said: “Kering delivered excellent performances in the first half and resumed its trajectory of strong, profitable growth. All our Houses contributed to a sharp rebound in total revenue, which comfortably exceeded its 2019 level, with a remarkable acceleration in the second quarter.

“While returning to substantial profitability and leveraging the desirability of our brands, we are stepping up the pace of our investments in our Houses and strategic initiatives, notably to enhance the exclusivity and control of our distribution. Our teams are demonstrating their agility in this fast-moving environment, and we have the right assets, resources and strategy to successfully pursue our journey.”

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