RAPAPORT... Luxury group PPR reported that revenue in 2011 rose 11 percent year on year to $16 billion (EUR 12.23 billion). Net income rose 2.3 percent to $1.3 billion (EUR 986 million) or EUR 7.82 per share. Gross margin improved to 15.9 percent from 15.4 percent in 2010.
The luxury division, which includes Gucci, Bottega Veneta and Yves Saint Laurent, reported a sales increase of 23 percent year on year to $6.5 billion (EUR 4.92 billion).
PPR became Sowind Group's majority shareholder during the year with a 50.1 percent stake. Sowind Group, which was one of the last independent Swiss watchmaking manufacturers, has a presence in 60 countries, notably with the Girard-Perregaux and JeanRichard brands.
François-Henri Pinault, the chairman of PPR, said that 2011 results reflected the compelling appeal of the group's brands and products. ''Thanks to our group’s unique combination of attributes, we can look to the future with confidence. Our luxury and sport and lifestyle brands command leading positions in the fastest-growing segments of the apparel and accessories market and are well placed to respond to and anticipate new consumer trends in both mature markets and emerging countries.
''The transformation of PPR into a more cohesive, integrated group will make us stronger and enable us to fully exploit the huge growth potential of each of our brands. In the uncertain economic climate of early 2012, the core strengths underpinning PPR’s robust 2011 results will continue to propel our performance this year. PPR is confident that 2012 will be another year of sustained revenue growth and improvements in our operating and financial performances,'' he concluded.