Kering Group revenue rose 27 percent as reported and 21 percent on a comparable basis in the first quarter.
The company said, revenue from directly operated stores were up 23 percent on a comparable basis and up 32 percent relative to the same period in 2019.
The company added that 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.
“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. 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,” said François-Henri Pinault, chairman & CEO of Kering.
Q1 performance of core brands under Kering portfolio
In the first quarter of 2022, Gucci’s revenue amounted to 2,591 million euros, an increase of 20 percent as reported and 13 percent on a comparable basis.
Sales generated in directly operated stores grew 15 percent on a comparable basis relative to the first quarter of 2021. Wholesale revenue fell 2% on a comparable basis. Sales momentum remained strong in North America and Western Europe, while performance in Asia-Pacific was more mixed due to new Covid-related lockdown measures at the end of the period, notably in Mainland China.
Yves Saint Laurent revenue of 739 million euros, was up 43 percent as reported and up 37 percent on a comparable basis. Sales in directly operated stores rose 49 percent on a comparable basis, with double-digit growth in all product categories driven by performances in Western Europe and North America. Revenue from wholesale rose 10 percent on a comparable basis.
Bottega Veneta’s revenue totaled 396 million euros, up 21 percent as reported and up 16 percent on a comparable basis. Relative to the first quarter of 2019, sales were up 59 percent on a comparable basis. Directly operated stores reported sales increase of 18 percent on a comparable basis, driven by very good performances in Western Europe, North America, and Japan. Bottega Veneta’s wholesale channel delivered revenue growth of 10 percent on a comparable basis.
Kering’s Other Houses posted revenue of 973 million euros, up 35 percent both as reported and on a comparable basis. Each House delivered double-digit growth. Sales from directly operated stores rose 45 percent on a comparable basis, while wholesale revenue was up 22 percent.
Balenciaga and Alexander McQueen pursued their growth, driven by all regions. Brioni continued to grow, and the jewellery houses maintained their momentum.