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RAPAPORT... Kering, the parent company of several luxury brands, including Gucci, Boucheron and Bottega Veneta, reported that revenue rose 1.2 percent year on year to $3.3 billion (EUR 2.398 billion) in the first quarter that ended on March 31. Comparable-sales rose 4.1 percent but luxury division same-store sales jumped 6.3 percent. The retailer observed that jewelry and watch sales improved toward the end of the quarter and that Boucheron recorded good revenue growth in the first couple of months of the year. François-Henri Pinault, the CEO of Kering, said, "The solid performance of our luxury activities, driven by continued sales growth in our directly operated stores, testifies to both the strength of our brands and the pertinence of our strategy, prioritizing brand elevation, in-store excellence and organic growth. In an environment that remains mixed, our sport and lifestyle activities are posting improving trends. We are confident that the group's energy and robust business model, combined with the extraordinary potential of our brands and the motivation of our team, will enable Kering to improve its operating performance in 2014 as a whole." Kering introduced a specialized corporate structure this month for the luxury division, placing the luxury couture and leather goods business under the direction of Marco Bizzarri and a luxury watches and jewelry sector under the responsibility of Albert Bensoussan. Both divisional managers report directly to Pinault.
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