Luxury group Kering published record results for its first half of the year: turnover grew nearly 30 % and net profit skyrocketed 77.6 %. Particularly its luxury brands performed well.
“Better than the industry”
Kering’s total turnover reached 7.3 billion euro in the first half of 2017, up 28.2 % compared to the year before. The luxury brands’ turnover grew 29.7 % and the ‘sports & lifestyle’ division also generated an additional 16.1 % in turnover. Like-for-like retail turnover grew 34 %.
“Thanks to the execution of our strategy, we achieved outstanding revenue growth in the first half, clearly outperforming the sector, and delivered record profits and operating margins”, Kering CEO, François-Henri Pinault, said.
Gucci (+ 43.3 % like-for-like) and Saint Laurent (+ 28.5 % like-for-like) performed very well within the luxury brand division, but every other brand also posted turnover growth. For the first time ever, the sports division generated more than 2 billion euro in sales, mainly thanks to a strong Puma performance with a 15.7 % like-for-like turnover increase.
Geographically, the Asia Pacific and Western Europe regions performed well, growing turnover 34.4 and 33.5 % respectively. North America also generated a 20.7 % turnover increase and Japan had a rather modest, compared to other regions, 6.4 % turnover increase.
