KERING SALES SOAR IN Q3 DRIVEN BY A STELLAR GUCCI
Propelled by the blockbuster success of Gucci, Kering reported outstanding organic growth in the third quarter of 2018 with total consolidated revenue up 27.1% to 3.4 billion euros. Percentages refer to growth on a comparable basis.
Gucci sealed another market-beating performance with sales up 35.1% to 2.1 billion euros across all distribution channels, regions and product categories. Robust growth also drove Saint Laurent, which hiked 16.1% as both iconic lines and new collections generated buzz and success.
Last but not least, other Kering-owned brands registered a sharp uptick of 32.2%, led by the exceptional momentum at Balenciaga and ongoing growth at Alexander McQueen.
The ebullient performances of the houses under the Kering umbrella was well balanced across all distribution channels. Comparable growth in directly operated stores amounted to 27.6%, fueled by double-digit increases across all regions, led by North America, up 36.1%, and Asia Pacific, which surged 33.3%. Growth in online sales exceeded 80% while wholesale rose 27.0%.
“We are extraordinarily proud of the remarkable performances Kering delivers quarter after quarter. Our growth, whose pace is unprecedented in the Luxury sector, is sound, well balanced and sustained across all regions and distribution channels. The talent of each of our Houses at creating strong emotional ties with its customers, conceiving a bold, generous creative universe, and reinventing its codes, is at the root of Kering’s success. Beyond short-term developments, we know that the secular growth of the Luxury market, but particularly our solid fundamentals and the discipline with which we implement our strategy, will continue to support our operating and financial outperformance.”
François-Henri Pinault, Chairman and Chief Executive Officer.