THE WHAT? Kering has beat analyst expectations with its 2021 results, reporting annual revenues of €17.6bn, a 35 percent rise comparable to 2020, and 13 percent higher than pre-pandemic in 2019.
THE DETAILS The Gucci parent company reported a sharp rise of recurring operating income, which was up 60 percent relative to 2020, to reach a new record of €5,017 million. Recurring operating margin, at 28.4 percent, retrieved a high level.
Gucci enjoyed a profitable 2021, with revenue amounting to €9,731 million – up 31 percent both as reported and on a comparable basis. This exceeded the 2019 level even as the House neared completion of the streamlining of its wholesale operations.
Yves Saint Laurent’s 2021 revenue amounted to €2,521 million, an increase of 45 percent as reported and 46 percent on a comparable basis, while Bottega Veneta’s 2021 revenue exceeded €1.5 billion.
THE WHY? Growth was driven by outstanding performances from all Houses, according to Kering.
Looking forward, Kering looks to “achieve same-store revenue growth while ensuring the targeted and selective expansion of their retail networks.”
François-Henri Pinault, Chairman and Chief Executive Officer, said, “We expanded our team of talented people around the world, and I am sincerely grateful for the remarkable accomplishments of all our colleagues. We are working assiduously to meet our ambitious sustainability commitments. All our Houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years.”