Gucci Propels 31.2% Rise in Kering Q1 Revenues

Gucci Propels 31.2% Rise in Kering Q1 Revenues Katya Foreman PARIS — A stellar performance by Gucci helped to fuel a 31.2 percent jump in revenues at parent company Kering in the first quarter, providing further evidence of a sharp rebound in luxury sales after a year hit by falling Chinese demand and political instability. Sales totaled 3.57 billion euros, or $3.81 million, in the three months to March 31, with the French group reporting double-digit growth across all activities and all geographic regions, excluding Japan. In organic terms, revenues were up 28.6 percent. "Kering achieved a record performance in the first three months of the year, posting a sharp acceleration in sales growth," said François-Henri Pinault, chairman and chief executive officer of Kering. "In a climate of persistent geopolitical and macroeconomic uncertainties, our first quarter puts us in a particularly good position for the balance of the year," he added. The figures come on the heels of a 15 percent rise in revenues at LVMH Moët Hennessy Louis Vuitton in the first quarter. Burberry, meanwhile, reported total revenue rose 14 percent in the six months ended March 31. Organic sales at Gucci, which accounts for more than a third of Kering's revenues, rose 48.3 percent in the first quarter, their strongest increase in two Follow WWD on Twitter or become a fan on Facebook. Read More... Fashion 3