Luxury accessories group Kering has seen its hard work pay off as new creative impetus and strategic initiatives implemented for its flagship Gucci brand delivered a 3.3 percent uplift in revenue to €5.69 billion for the group in the first half of the year (up 5.5 percent on a comparable basis).
François-Henri Pinault, Kering’s Chairman and CEO, commented, “We are pleased with the performances we have delivered in the first half of 2016. Overall growth in our Luxury activities in the second quarter significantly outpaced the level reached in the first three months of the year. Gucci’s creative momentum and ambitious strategy, launched last year, are delivering tangible results: sales growth is accelerating in the second quarter on top of tough comps; recurring operating income is up 7 percent in the first half.”
Gucci’s sales were up 3.9 percent for the first half of the year (5.4 percent comparable), although the brand’s performance paled in comparison to stablemate Yves Saint Laurent; which saw revenue soar 23.7 percent. Both brands left struggling Bottega Veneta in their wake – suffering from lower tourist business in Western Europe, the brand saw sales dive 9.2 percent.