Kering Sales Rise 21.9% in Q1 as Gucci Growth Rate Flattens
PARIS — Kering’s revenues grew 21.9 percent in the first quarter, despite a marked flattening in the growth rate at its star brand, Gucci, after several years of stratospheric increases. Organic sales at Gucci were up 20 percent in the first quarter – down from the 28.1 percent jump posted in the previous quarter. This was in line with the consensus forecast of analysts, who expect a soft landing for the brand despite the planned introduction of new categories like makeup and high jewelry. Kering, the owner of brands including Saint Laurent, Balenciaga and Alexander McQueen, said group sales totaled 3.78 billion euros in the three months to March 31, slightly above expectations. Stripping out the effect of currency fluctuations, revenues were up 17.5 percent during the period. François-Henri Pinault, chairman and chief executive officer of Kering, said the group continued to outperform sector peers. “On top of very strong increases in the first quarter of last year, Gucci, Saint Laurent and our other houses all posted excellent revenue growth, fueled by the creativity of their offers and the innovativeness of their execution. As Bottega Veneta implements a fundamental reset, early indicators are highly encouraging,” he said. “The agility we have put at the heart
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