Kering, too, outperforms pre-Covid levels

The French luxury group Kering has had an excellent year: turnover and net profit not only rose sharply compared to the previous year but even exceeded pre-Covid levels.

Record revenues

The owner of brands including Gucci and Yves Saint Laurent realised a record turnover of 17.6 billion euros last year. On a comparable basis, that is over 35 per cent higher than a year earlier and 13 per cent better than in the previous pre-Covid year 2019. Even more spectacular is the earnings growth: recurring operating profit jumped 60 per cent to just over five billion euros. The bottom line came to a total of 3.18 billion euros, an increase of more than 47 per cent.

Financial Officer Jean-Marc Duplaix said all the group’s houses improved, “supported by a very good recovery in all geographical areas.” Retail sales were 40 per cent higher than in 2020 and 18 per cent higher compared to 2019. Online sales grew by 55 per cent and now account for 15 per cent of total retail revenues.

CEO François-Henri Pinault is feeling confident about the future: “All our Houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years.”