Kering: SUSTAINED GROWTH IN THE FIRST QUARTER OF 2022
PRESS RELEASE |
April 21, 2022 |
SUSTAINED GROWTH IN THE
FIRST QUARTER OF 2022
Group revenue:
€4,956 millionup 27% as reported and
up 21% on a comparable basis
“We opened 2022 on a very solid first quarter in
a more uncertain environment, notably impacted by tightening Covid
restrictions in China since March. All our Houses posted
double-digit revenue growth in the quarter, with spectacular
performances at Saint Laurent, our Other Houses, particularly
Balenciaga, and Kering Eyewear. Bottega Veneta also delivered sharp
higher sales on a more demanding base. Gucci’s strong showing in
North America and Europe was overshadowed by its exposure to China,
where we are boosting its organization to fully capture the
vitality of the market. While we remain attentive to economic and
geopolitical conditions, we invest in all our brands, whose
attractivity will continue to fuel our growth and profitability.
Finally, I want to express my heartfelt sympathy, on behalf of all
of us at Kering, to the people whose lives are affected by the war
in Ukraine.”François-Henri Pinault,
Chairman & CEO
- Group revenue
rose sharply in the first quarter of 2022, up 27% as reported and
up 21% on a comparable basis year-on-year. The difference is
primarily due to foreign exchange translation, as scope was broadly
neutral, the consolidation of Lindberg offsetting the disposal of
the Group’s watches activities.
- Revenue from
directly operated stores were up 23% on a comparable basis
year-on-year and up 32% relative to the same period in 2019.
- Sales growth was
supported by very strong momentum in Western Europe, North America,
and Japan. In Asia-Pacific, sales were affected by new lockdowns in
certain major Chinese cities.
- Online sales
continued to grow during the quarter and accounted for 15% of total
direct sales.
Revenue(in € millions) |
|
Q1 2022 |
Q1 2021 |
Reported change |
Comparable change (1) |
|
|
|
|
|
|
Gucci |
|
2,590.7 |
2,167.7 |
+19.5% |
+13.4% |
Yves Saint Laurent |
|
739.0 |
516.7 |
+43.0% |
+37.2% |
Bottega Veneta |
|
396.4 |
328.2 |
+20.8% |
+16.3% |
Other Houses |
|
973.4 |
718.5 |
+35.5% |
+35.1% |
Kering Eyewear and Corporate |
|
308.1 |
192.0 |
+60.5% |
+35.1% |
|
|
|
|
|
|
Eliminations |
|
(51.7) |
(33.1) |
- |
- |
|
|
|
|
|
|
KERING |
|
4,955.9 |
3,890.0 |
+27.4% |
+21.4% |
(1) On a
comparable scope and exchange rate basis. |
|
Gucci: solid growth
In the first quarter of 2022, Gucci’s revenue
amounted to €2,591 million, an increase of 20% as reported and 13%
on a comparable basis. Sales generated in directly operated stores
grew 15% on a comparable basis relative to the first quarter of
2021. Sales momentum remained very strong with local customers in
North America and Western Europe in particular. Performance in
Asia-Pacific was more mixed due to new Covid-related lockdown
measures at the end of the period, notably in Mainland
China.Wholesale revenue fell 2% on a comparable basis. The
rationalization of this sales channel is now complete.
Yves Saint Laurent: new peaks
Yves Saint Laurent had an exceptional start to
the year with revenue of €739 million, up 43% as reported and up
37% on a comparable basis.Sales in directly operated stores rose
sharply, up 49% on a comparable basis, with double-digit growth in
all product categories. That excellent momentum was driven by
spectacular performances in Western Europe and North
America.Revenue from wholesale, which is being streamlined, rose
10% on a comparable basis.
Bottega Veneta: further outstanding
performance
Bottega Veneta’s revenue totaled €396 million in
the first quarter, up 21% as reported and up 16% on a comparable
basis, on a high comparison base. Relative to the first quarter of
2019, sales were up 59% on a comparable basis.Activity was
sustained in directly operated stores, with sales up 18% on a
comparable basis in the first quarter, driven by very good
performances in Western Europe, North America, and Japan. Bottega
Veneta’s wholesale channel, which is also being optimized,
delivered revenue growth of 10% on a comparable basis.
Other Houses: an excellent start to the
year
Kering’s Other Houses posted an extremely strong
first quarter, with revenue of €973 million, up 35% both as
reported and on a comparable basis, with scope and foreign exchange
impacts canceling each other out. Each House delivered double-digit
growth. Sales from directly operated stores rose 45% on a
comparable basis, while wholesale revenue was up 22%.Balenciaga and
Alexander McQueen pursued their outstanding growth, driven by all
regions. Brioni continued to grow, and the Jewelry Houses
maintained their exceptional momentum.
Kering Eyewear and
Corporate*
First quarter revenue of Kering Eyewear &
Corporate totaled €308 million, including Kering Eyewear total
revenue of €300 million, up 36% on a comparable basis.
*The "Corporate & Other" segment has been
renamed “Kering Eyewear & Corporate”, intra-group eliminations
being henceforth reported under a separate line item.
MAIN ANNOUNCEMENTS SINCE 1 JANUARY
2022
Kering announces the sale of
Girard-Perregaux and
Ulysse Nardin to their
managementJanuary 24, 2022 – Kering announced the
signature of an agreement to sell its entire stake (100%) in Sowind
Group SA, which owns the Swiss watch manufacturers Girard-Perregaux
and Ulysse Nardin, to its current management.
Stock Repurchase Program: launch of the
second trancheFebruary 22, 2022 – Pursuant to the Stock
Repurchase Program announced on August 25, 2021, covering up to
2.0% of its share capital over a 24-month period, Kering has signed
a new share buyback agreement with an investment service
provider.
Changes in the membership of
Kering’s
Board of DirectorsMarch 4, 2022 – At its meeting
on March 4, 2022, Kering’s Board of Directors, in coordination with
the Appointments and Governance Committee, confirmed the
resignation of Sophie L’Hélias and the non-renewal of Yseulys
Costes’ term of office, and decided that the appointments of
Véronique Weill, Yonca Dervisoglu and Serge Weinberg as Independent
Directors and the renewal of Daniela Riccardi’s term of office as
Independent Director would be put to a shareholder vote in the
Annual General Meeting of April 28, 2022.
Kering Eyewear
announces the planned
acquisition of iconic
U.S. eyewear brand Maui JimMarch 14, 2022 - Kering Eyewear
has signed an agreement to acquire Maui Jim, Inc. Founded in 1987
in Hawaii, Maui Jim is the world’s largest independent sunglasses
brand, rooted in exceptional design and industry-leading
technology. The transaction is subject to clearance by the relevant
competition authorities and is expected to be completed in the
second half of 2022.
Partnership agreement
in support of integrating young, vulnerable, and disabled
peopleMarch 17, 2022 – France’s Ministry of Labor,
Employment and Economic Inclusion, along with the High Commission
for Employment and Business Commitment, announced a partnership
agreement with the Kering group. Under the agreement, Kering
undertakes to take practical action to help young people gain
employment and make roles accessible to disabled people through
recruitment, work/study programs, mentoring and immersive work
experience through the Contrat d’Engagement Jeune (youth commitment
contract).
Gianfilippo Testa
appointed CEO of Alexander McQueenMarch 21, 2022 - Kering
announced the appointment of Gianfilippo Testa as CEO of Alexander
McQueen, effective May 2022. Gianfilippo Testa will report to
François-Henri Pinault. He succeeds Emmanuel Gintzburger, who has
decided to leave the Group to pursue new professional challenges
outside Kering.
AUDIOCAST
An
audiocast for analysts and investors will be held
at 6:00pm (CEST) on
Thursday, April 21,
2022. 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 and Jewelry: Gucci, Saint Laurent, Bottega Veneta,
Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo,
Qeelin, 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 2021, Kering
had over 42,000 employees and revenue of €17.6 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.comLaura
Levy
+33 (0)1 45 64 60
45 laura.levy@kering.com
- Kering Press release Q1 22_21 04 22
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