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French luxury house Kering has had an excellent second quarter: compared to last year, sales rose by as much as 95 %. Compared to pre-pandemic 2019, there was still a growth of 11 %. The Italian fashion house Gucci performed particularly strongly.
Crown jewel Gucci
The luxury goods industry has rapidly recovered after the Covid crisis: Kering’s arch-rival LVMH had already published record-breaking figures, and now Kering is also in the same league with a turnover of 4.16 billion euros.
Kering’s crown jewel Gucci was the main driver of this achievement: the Italian fashion label accounts for more than half of the group turnover and around 76 % of the operating profit. Gucci’s turnover growth of 86 % compared to the previous year therefore meant a huge boost for the group’s total figures.
Kering fuels takeover rumours
Gucci celebrates its centenary this year. To mark the occasion, it is looking forward to a new collection, for which it is collaborating with Balenciaga – another brand from the Kering tribe. That collection is expected to hit the stores by the end of the third quarter. The icing on the cake will be a film about Gucci, directed by Ridley Scott and starring Al Pacino, Adam Driver and Lady Gaga. The film will be released during the crucial end-of-year period.
Alongside the figures, Managing Director Jean François Palus fuelled rumours about a merger with Richemont. Without commenting specifically on the potential deal, Palus emphasised that Kering is exploring takeover opportunities. Kering recently strengthened its position with the Lindberg eyewear brand, but Palus stated that this does not rule out the possibility of another, larger deal.
