KERING - Solid Revenue Growth in the Third Quarter of 2021
PRESS RELEASE |
October 19, 2021 |
SOLID REVENUE GROWTHIN
THE THIRD QUARTER OF 2021
Group revenue: €4,187.8
millionup 12.6% as reported and up 12.2% on a
comparable basis relative to Q3 2020up 10.0% on a
comparable basis relative to Q3 2019
“On the back of an excellent first half, Kering
achieved a very solid third quarter at Group level, up double
digits over 2019. Saint Laurent, Bottega Veneta and our Other
Houses, as well as Kering Eyewear, all posted outstanding
performances. With the launch of its Aria collection, Gucci is set
for an intense fourth quarter. In a constantly evolving Luxury
market, we are strengthening the positioning and distribution of
all our brands, providing them with the resources they need to be
ever closer to their customers. Sustainability is central to our
strategy, and we achieved major new milestones in recent weeks.
More than ever, we are investing to sustain our profitable growth
trajectory over the long term and poised to successfully pursue our
journey.”François-Henri Pinault, Chairman
and CEO
- Group revenue in
the third quarter of 2021 rose 12.2% on a comparable basis
year-on-year and 10.0% relative to the same period in 2019. In the
first nine months of the year, Group sales were up 36.6% on a
comparable basis year-on-year (up 9.0% versus the same period in
2019).
- Revenue from the
Luxury Houses’ directly operated stores, including e-commerce, grew
by 12.0% on a comparable basis relative to the third quarter of
2020 and 11.0% relative to the third quarter of 2019.
- Business levels
were driven by very strong momentum in North America. In Western
Europe and Japan, where markets are still being affected by the
absence of tourists, sales continued to improve. In Asia-Pacific,
after solid growth in the first half of the year, sales rose
relative to both 2020 and 2019, but were held back by rising
COVID-19 case numbers during the summer.
- Online sales
continued to grow at a firm pace, up 24.3% relative to the third
quarter of 2020 and 147.9% relative to the same period in
2019.
Revenue(in € millions) |
|
Q3 2021 |
Q3 2020 |
Reported
change |
Comparable change (1) |
|
|
|
|
|
|
Total Houses |
|
4,041.8 |
3,600.1 |
+12.3% |
+11.8% |
Gucci |
|
2,181.8 |
2,087.8 |
+4.5% |
+3.8% |
Yves Saint Laurent |
|
652.9 |
510.7 |
+27.8% |
+28.1% |
Bottega Veneta |
|
363.4 |
332.5 |
+9.3% |
+8.9% |
Other Houses |
|
843.7 |
669.1 |
+26.1% |
+26.0% |
|
|
|
|
|
|
Corporate and other |
|
146.0 |
117.6 |
+24.1% |
+24.1% |
|
|
|
|
|
|
KERING |
|
4,187.8 |
3,717.7 |
+12.6% |
+12.2% |
(1) On a
comparable scope and exchange rate basis. |
|
Gucci: transition between collections
In the third quarter of 2021, Gucci’s revenue
totaled €2,181.8 million, an increase of 4.5% as reported and 3.8%
on a comparable basis. Sales generated in directly operated stores
grew 6.9% and 1.6% on a comparable basis relative to the third
quarters of 2020 and 2019, respectively. Following the Ouverture
collection, the third quarter brought the successful launch of the
Diana bag, while the Aria collection gradually arrived in stores
from late September. Good sales momentum continued in North America
and Western Europe, particularly with local customers. On a
comparable basis, wholesale revenue fell 19.1% relative to the
third quarter of 2020 and 44.5% relative to the third quarter of
2019, reflecting the House’s strategy of making its distribution
ever more exclusive.
Yves Saint Laurent: further acceleration
Yves Saint Laurent had an excellent quarter and
maintained its strong growth trajectory with sales of €652.9
million, up 27.8% as reported and 28.1% on a comparable basis.
Revenue growth relative to 2019 accelerated sequentially.On a
comparable basis, sales in the directly operated store network rose
sharply in the third quarter, up 30.9% year on year and up 36.9%
relative to the third quarter of 2019, due to success across
product categories, all posting double-digit growth.This
outstanding momentum continued in all geographic regions, notably
North America and Western Europe. The House continues to reinforce
its appeal in Asia-Pacific.On a comparable basis, wholesale revenue
rose 22.1% compared to the third quarter of 2020.
Bottega Veneta: very healthy growth
Bottega Veneta’s revenue amounted to €363.4
million in the third quarter, up 9.3% as reported and up 8.9% on a
comparable basis. Sales in the directly operated store network rose
6.1% year on year on a comparable basis and were up sharply (+18.4%
on a comparable basis) relative to the third quarter of 2019. The
House’s very balanced growth is driven by its success with both
existing and new customers.On a comparable basis, revenue from the
highly exclusive wholesale network rose by 18.3% compared to the
third quarter of 2020.
Other Houses: excellent performance across the
board
Revenue from the Group’s Other Houses totaled
€843.7 million in the third quarter, up 26.1% as reported and 26.0%
on a comparable basis. Revenue also increased very sharply relative
to 2019, due notably to the ongoing expansion of Balenciaga and
Alexander McQueen, whose sales continued to grow rapidly across all
distribution channels. All Jewelry Houses delivered outstanding
performances. Boucheron’s new collections were very well received,
resulting in exceptional growth, particularly in China and South
Korea. Pomellato’s sales remained very solid and Qeelin achieved
particularly impressive growth. The return to growth of the
Watchmaking brands was also confirmed.
Corporate and other
Third-quarter revenue in the Corporate and other
segment rose 24.1% both as reported and on a comparable basis, as a
result of very strong performance by Kering Eyewear in its main
markets and across all distribution channels.
MAIN ANNOUNCEMENTS SINCE JULY 1,
2021
Kering goes entirely fur
freeSeptember 24, 2021 – Kering has taken the decision to
stop using animal fur. Starting from the Fall 2022 collections,
none of the Group’s Houses will be using fur.
Kering Eyewear completes the acquisition
of LINDBERGSeptember 30, 2021 – Kering
Eyewear announced that it has completed the acquisition of the
Danish Luxury Eyewear brand LINDBERG, in accordance with the terms
announced on July 8, 2021, and having received clearance from the
antitrust authorities. LINDBERG will be consolidated in Kering’s
financial statements from Q4 2021. This acquisition is an important
milestone in the successful expansion of Kering Eyewear and
fits perfectly with its development strategy.
This acquisition will further reinforce Kering Eyewear as
the most relevant player in the luxury eyewear
market segment, adding to its portfolio a complementary
proprietary brand with strong legitimacy, undisputed know-how,
and best-in-class customer service in optical frames.
Cartier and Kering launch the
“Watch and
Jewellery Initiative
2030” in partnership with the
Responsible Jewellery
CouncilOctober 6, 2021 – Driven by a common
conviction that the global Sustainable Development Goals (SDGs) and
aspirations for a sustainable industry can only be achieved through
collaborative initiatives, Cartier, delegated by Richemont, and
Kering, in partnership with the Responsible Jewellery Council
(RJC), have come together to broaden and strengthen their action,
launching the “Watch & Jewellery Initiative 2030”. The
initiative welcomes all watch and jewelry brands with a national
and international footprint willing to commit to a set of ambitious
and common objectives in three areas: building climate resilience,
preserving resources, and fostering inclusiveness.
AUDIOCAST
An
audiocast for analysts and investors will be held
at 6:00pm (CEST) on Tuesday, October 19,
2021. It may be accessed here. The slides
(PDF) will be available ahead of the audiocast at
https://www.kering.com/en/finance/.
A replay of the
audiocast will also be available at www.kering.com.
About
Kering
A global Luxury group, Kering manages the
development of a series of renowned Houses in Fashion, Leather
Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta,
Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo,
Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear.
By placing creativity at the heart of its strategy, Kering enables
its Houses to set new limits in terms of their creative expression
while crafting tomorrow’s Luxury in a sustainable and responsible
way. We capture these beliefs in our signature: “Empowering
Imagination”. In 2020, Kering had over 38,000 employees and revenue
of €13.1 billion.
Contacts
PressEmilie
Gargatte +33
(0)1 45 64 61
20 emilie.gargatte@kering.comMarie
de
Montreynaud +33
(0)1 45 64 62
53 marie.demontreynaud@kering.com
Analysts/investorsClaire
Roblet
+33 (0)1 45 64 61
49 claire.roblet@kering.comJulien
Brosillon
+33
(0)1 45 64 62
30 julien.brosillon@kering.com
Appendix: Revenue for the third quarter
and first nine months of 2021
Revenue(in € millions) |
|
Q3 2021 |
Q3 2020 |
Reportedchange |
Comparable
change(1) |
First nine months 2021 |
First nine months 2020 |
Reportedchange |
Comparable
change(1) |
Total Houses |
|
4,041.8 |
3,600.1 |
+12.3% |
+11.8% |
11,749.8 |
8,775.6 |
+33.9% |
+36.0% |
Gucci |
|
2,181.8 |
2,087.8 |
+4.5% |
+3.8% |
6,661.1 |
5,160.0 |
+29.1% |
+31.1% |
Yves Saint Laurent |
|
652.9 |
510.7 |
+27.8% |
+28.1% |
1,698.4 |
1,191.8 |
+42.5% |
+45.1% |
Bottega Veneta |
|
363.4 |
332.5 |
+9.3% |
+8.9% |
1,071.0 |
835.6 |
+28.2% |
+30.3% |
Other Houses |
|
843.7 |
669.1 |
+26.1% |
+26.0% |
2,319.3 |
1,588.2 |
+46.0% |
+48.1% |
|
|
|
|
|
|
|
|
|
|
Corporate and other |
|
146.0 |
117.6 |
+24.1% |
+24.1% |
485.2 |
320.4 |
+51.4% |
+54.5% |
KERING |
|
4,187.8 |
3,717.7 |
+12.6% |
+12.2% |
12,235.0 |
9,096.0 |
+34.5% |
+36.6% |
(1) On a comparable scope and exchange rate basis.
Press release October 19,
2021
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