Kering, the luxury group behind brands such as Gucci, Saint Laurent, and Bottega Veneta, has reported a strong performance for the first half of 2021. The company saw a growth of 8.4% compared to the same period in 2019, signaling a return to pre-pandemic levels. Revenue for the first six months of the year reached over 8 billion euros, a 54.1% increase from the previous year. The second quarter in particular saw a significant boost in revenue, with a 95% increase compared to 2020 and an 11.2% increase compared to 2019.
François-Henri Pinault, CEO of Kering, expressed his satisfaction with the company’s performance, stating that all their brands contributed to the rebound in revenue. He also emphasized the importance of profitability and investing in strategic initiatives to strengthen their distribution control. Despite the rapidly changing environment, Pinault believes that Kering has the necessary assets, resources, and strategy to continue its successful journey.
Among the brands within the Kering portfolio, Gucci saw strong retail growth, approaching its first-half 2019 results. The brand now generates 91% of its revenue through its own distribution network, a deliberate move away from wholesale. Saint Laurent also exceeded its results from 2019, with sales reaching one billion euros. Bottega Veneta, known for its exclusive communication approach, experienced growth across all distribution channels, particularly in North America, and achieved record revenue in the second quarter.
The other brands within the Kering group, including Alexander McQueen and Balenciaga, also contributed to the overall revenue growth. Alexander McQueen performed well, while Balenciaga relaunched its Haute Couture business, further boosting revenue. Overall, Kering’s strong performance in the first half of 2021 demonstrates the resilience and desirability of its luxury brands.
Useful links:
1. Kering Official Website
2. Gucci Official Website
