"Spectacular" growth at Gucci as Kering posts strong Q1 numbers
Gucci sales were up by almost 50% in Q1 at €1.87bn contributing to a strong performance overall at parent group Kering.
The group achieved consolidated revenue of £3.1bn in the quarter, up 27.1%, with the flagship Italian house maintaining its position as the star performer under creative director Alessandro Michele.
Saint Laurent, under Anthony Vaccarello, was up 12% at £408.2m, while revenue from the "Other Houses", which include Alexander McQueen and Balenciaga (which was said to have achieved "exceptional momentum"), amounted to €463.3m, up 31%.
“Kering maintained its outstanding sales momentum in the first quarter. Under its new Luxury pure player profile, the Group clearly outperformed a market that remains well oriented. Gucci, Saint Laurent and Balenciaga set a high mark within a Group that delivered sharp growth as a whole," commented chairman & CEO François-Henri Pinault.
"In the balance of the year, we face a high base of comparison and a tough currency environment, but we are confident in the ability of our Houses to continue doing better than their peers, leveraging their innovativeness and creative audacity," he added.