{"id":167034,"date":"2020-07-30T17:31:00","date_gmt":"2020-07-30T17:31:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/kering-sales-down-43-7-in-q2\/"},"modified":"2021-08-06T12:06:42","modified_gmt":"2021-08-06T12:06:42","slug":"kering-sales-down-43-7-in-q2","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/kering-sales-down-43-7-in-q2\/","title":{"rendered":"Kering sales down 43.7% in Q2"},"content":{"rendered":"

Luxury French fashion group Kering<\/a> said that second-quarter comparable sales had plunged by 43.7%,<\/strong> as the impact of the coronavirus pandemic led to store closures and reduced tourist numbers.<\/p>\n

The Gucci<\/a> parent company\u2019s revenue was better than analysts expected, with those at UBS citing an estimate of a 46% fall.<\/p>\n

Kering also reported a 29.6% year on year drop in revenue to \u00a34.9 billion<\/strong> (\u20ac5.3 billion) in the first half of 2020.<\/p>\n

The company, which also owns Bottega Veneta and Yves Saint Laurent<\/a>, said it witnessed a sharp acceleration of online sales, up 47.2% in the first six months of the year and up 72.4% in the second quarter, compared to 2019.<\/p>\n

The sharp rise in online sales can be attributed to a larger online market presence early in 2020, and through the reduction of in store experiences and retail environments during lockdowns.<\/p>\n

Bottega Veneta reported an 8.4% fall in revenue year-on-year to \u00a3546 million, whilst Yves Saint Laurent\u2019s revenue dropped 30% to \u00a3615.5 million.<\/p>\n

Gucci also saw a drop of 33.5% compared to the same period in 2019, reporting a revenue of \u00a32.75 billion.<\/strong><\/p>\n

Kering\u2019s overall online sales accounted for 18% of revenue in the second quarter, up from under 10% at the start of the year.<\/strong><\/p>\n

Fran\u00e7ois-Henri Pinault, Kering Chairman and Chief Executive Officer, said: \"It is fair to say that the first half of 2020 has been the\u00a0toughest period we have faced<\/strong>\u00a0- we stand in solidarity with all who are suffering through this situation and acknowledge the remarkable contribution of all our associates.<\/p>\n

\"Our results today underscore the extent of the disruption exacted by the pandemic on our operations. Even more importantly, the resilience of our performances<\/strong>\u00a0validates our model and supports our confidence that we will come out of this crisis even stronger. We\u00a0entered 2020 in a particularly solid position<\/strong>\u00a0- our global scale, the desirability and agility of our brands, and our values of sustainability and responsibility, all are key assets in weathering current conditions.<\/p>\n

\"Our strategic vision is only reinforced by the crisis and, with the benefit of our sound financials, innovativeness and digital expertise, we are pursuing its implementation with consistency and determination.\"<\/p>\n

\"Newsletter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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