“Delivering a solid start to 2019, Kering continued to outperform. On top of very strong increases in the first quarter of last year, Gucci, Saint Laurent and our Other Houses all posted excellent revenue growth, fuelled by the creativity of their offers and the innovativeness of their execution. (...) The agility we have put at the heart of our organization positions us well to continue achieving steady, sustainable and profitable growth”, commented François-Henri Pinault, Chairman and Chief Executive Officer.

Kering delivered remarkable growth in consolidated revenue in the first quarter of 2019, up by 21.9% as reported and by 17.5% on a comparable basis, totalling 3 785.3 million euros.  Total sales from Kering’s Houses progressed in all distribution channels, with a 18.6% comparable increase from the directly operated store network. This upward trend was driven by growth in all regions, particularly Asia-Pacific (up by 29.6% on a comparable basis). Online sales continued to climb, and revenue from the wholesale network grew by 12.2% on a comparable basis.

Gucci: continuing sustained growth

Gucci delivered a very good quarter, with revenue up by 24.6% as reported and 20.0% on a comparable basis, reaching 2 325.6 million euros. Both carryovers and newness saw strong success once again. Sales from directly operated stores rose by20.3% on a comparable basis, with excellent performances in Asia-Pacific (up by 35.3% on a comparable basis) and sound growth in Japan (up by 15.8% on a comparable basis) and Western Europe (up by 11.9% on a comparable basis). The success of the collections was also reflected in the performance of the wholesale network, which posted a 16.1% increase in revenue on a comparable basis.

Yves Saint Laurent: strong growth in revenue

Yves Saint Laurent reported revenue of 497.5 million euros in the first quarter of 2019, up by 21.9% as reported and by 17.5% on a comparable basis. All regions delivered double-digit growth on a comparable basis, with solid performances from Western Europe, up by 25.3%, North America, up by 21.3%, and Asia-Pacific up by 20.9%. Against very high bases of comparison, the wholesale network posted an 8.2% increase on a comparable basis.

Bottega Veneta: contraction in the quarter

Sales of Bottega Veneta totalled 248.1 million euros in the first quarter of 2019, down by 5.0% as reported and by 8.9% on a comparable basis. Revenue from directly operated stores retreated, and the wholesale network saw a slight decline in the quarter.

Other Houses: excellent growth momentum

Revenue from Kering’s Other Houses amounted to 576.9 million euros in the first quarter, up by 25.0% as reported and by 21.7% on a comparable basis. Sales from Couture and Leather Goods continued to rise sharply. All regions contributed to this momentum in the directly operated store network with double-digit growth throughout, driven by outstanding performances at Balenciaga and Alexander McQueen. The wholesale network also continued to grow. Jewelry delivered solid growth, thanks in particular to the success of creations by Boucheron, Qeelin and Pomellato.

Corporate and other

The “Corporate and other” segment posted strong growth in the first quarter of 2019, with revenue up 26.5% as reported and 21.5% on a comparable basis to 137.2 million euros. Growth was driven by the very robust performance from Kering Eyewear, which reported a 23% comparable increase in consolidated sales to 128.4 million euros, underpinned by the excellent performance of Gucci eyewear and the successful launches of the Balenciaga and Montblanc collections.

About Kering

A global luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear. In 2018, Kering had nearly 35 000 employees and generated revenue of 13.7 billion euros.