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Kering Sees Robust 1Q Luxury, Jewelry Sales

Apr 30, 2017 10:11 AM   By Rapaport News
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RAPAPORT... French luxury group Kering reported strong sales in the first quarter, driven by “outstanding growth” at its Gucci brand and good performances from its watch and jewelry businesses.

Group revenue rose 31% year on year to $3.89 billion (EUR 3.57 billion) for the three-month period, with sales from its luxury activities up 34% to 2.63 billion (EUR 2.42 billion), Kering said last week. Revenue at its sports division grew 17% to $1.16 billion (EUR 1.06 billion), buoyed by its Puma brand. Gucci saw a 51% jump in revenue, the group noted.

Meanwhile, Kering’s jewelry sales grew 13%, with strong performances at Boucheron and Pomellato, the luxury house said. The company did not provide full sales data for individual business units.

“In a climate of persistent geopolitical and macroeconomic uncertainties, our first quarter puts us in a particularly good position for the balance of the year,” said CEO Francois-Henri Pinault. He added that the company had benefited from slightly more favorable market conditions during the quarter.

Sales rose in all geographic regions except Japan, while the group’s online business grew 60% year on year.

Shares of Kering jumped 13% following the sales update, which analysts said beat expectations, according to Bloomberg. The company is scheduled to publish its interim earnings results in July.

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Tags: boucheron, gucci, jewellery, Jewelry, kering, Pomellato, Puma, Rapaport News
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