“Kering's performance in the first quarter remained mixed, as we had anticipated. As we work to augment the desirability of our brands and raise their profile in key markets, we are encouraged by the gradual improvement in activity month after month during the period. A host of initiatives undertaken by all our Houses to enhance their appeal and exclusivity lays the foundations for a sustained, profitable growth”, commented François-Henri Pinault, Chairman and Chief Executive Officer of Kering.

First Quarter Results

In the first quarter of 2023, Kering's revenue amounted to 5.08 billion euros, increasing by 2% as reported and by 1% on a comparable basis to the same period of last year.

The company reported that revenue generated by its directly operated store network, including e-commerce, grew by 4% year-over-year in this period, driven by good momentum in Western Europe and Japan. Revenue in North America, instead, declined, but growth is being resumed in the Asia-Pacific “due to the gradual recovery of the Chinese market”. Still, the group's first quarter wholesale revenue was down by 10% year-over-year as a result of the plan to continue reducing the share of this channel in this distribution.

In the three months to the 31^st of March, Gucci's revenue rose by 1% as reported and on a comparable basis, totalling 2.61 billion euros, while Yves Saint Laurent’s revenue reached 806 million euros, up by 9% as reported and by 8% on a comparable basis to the same period of 2022.

Bottega Veneta's revenue for the same period remained stable year-over-year at 395 million euros, whilst Kering's Other Houses generated a revenue of 890 million euros, down by 9% as reported and on a comparable basis to the same quarter of 2022.