French fashion house Kering rides luxury sales boom with sales at Gucci up by 31% to £8.1bn
Gucci accounts for around two thirds of Kering’s sales.
Kering made record sales last year thanks to increasing demand for luxury goods. The French fashion house was boosted by its star brand Gucci, which saw sales jump 31% from a year earlier to £8.1bn.
Gucci, which accounts for around two thirds of Kering’s sales, roared back from the pandemic as the return of international travel brought wealthy travellers back to stores.
The designer brand, which makes handbags, shoes and accessories, was also helped by a slew of marketing and promotional events for its 100th anniversary. It launched a Gucci 100 collection including a Diana bag for £29,000, inspired by the late Princess of Wales’s favorite handbag in the 90s.
Gucci’s profits jumped 42% from a year earlier to £3.1 billion. It has helped Kering reach a total profit of £3.7 billion, up from £2.3 billion in 2020. Kering, which also owns Yves Saint Laurent, Balenciaga and Alexander McQueen, said overall revenue reached 14.7 billion pounds in 2021, up 35% from 2020. Its shares in Paris are up 5.6 points.