Kering's 2022 finances "not uniformly up to our ambitions and potential"
French luxury group Kering has published its full-year financial results for 2022, revealing a steady growth with revenues totalling £18.05 billion, up by 15% year-on-year.
Despite the steady growth, the group described its performance as "not uniformly up to our ambitions and potential", suggesting that some of its Houses faced challenges, "notably towards the end of the year". The group said that it is "convinced that we are pursuing the right strategy for the long term”.
EBITDA came in at £6.4 billion, up by 12% compared to 2021. Net income stood at £4.96 billion, up by 14% year-on-year.
Individual brand revenues were as follows:
- Gucci - £9.3 billion (€10.48 billion), up by 8%
- Yves Saint Laurent - £2.9 billion (€3.3 billion), up by 31%
- Bottega Veneta - £1.54 billion (€1.74 billion) up by 16%
- Other Houses (including Alexander McQueen and Balenciaga) - £3.43 billion (€3.87 billion), up by 18%
- Kering Eyewear and corporate - £1.01 billion (€1.14 billion), up by 55%
Despite having the slowest growth, Gucci saw the greatest revenues. In the fourth quarter of 2022, Gucci’s revenue was down 14% year-on-year. Similarly, Balenciaga was performing well until a dip in the fourth quarter due to its well-documented social media scandal, which greatly depleted sales.
François-Henri Pinault, Chairman and Chief Executive Officer, commented: “All our Houses posted record revenues and contributed to higher operating income in 2022. But these good performances were not uniformly up to our ambitions and potential. Our 47,000 people share a strong entrepreneurial culture as well as values of responsibility and engagement.
"Together, we nurture the desirability and exclusivity of our brands, so they all achieve market positions commensurate with their unique heritage and recognized creativity. In an environment that remains uncertain, I have no doubt that 2023 will be another year of success for our Houses and of growth for our Group.”