PRESS RELEASE |
SOLID REVENUE GROWTH
IN THE THIRD QUARTER OF 2021
Group revenue: €4,187.8 million
up 12.6% as reported and up 12.2% on a comparable basis relative to Q3 2020
up 10.0% on a comparable basis relative to Q3 2019
“On the back of an excellent first half,
- Group revenue in the third quarter of 2021 rose 12.2% on a comparable basis year-on-year and 10.0% relative to the same period in 2019. In the first nine months of the year, Group sales were up 36.6% on a comparable basis year-on-year (up 9.0% versus the same period in 2019).
- Revenue from the Luxury Houses’ directly operated stores, including e-commerce, grew by 12.0% on a comparable basis relative to the third quarter of 2020 and 11.0% relative to the third quarter of 2019.
- Business levels were driven by very strong momentum in
North America . InWestern Europe andJapan , where markets are still being affected by the absence of tourists, sales continued to improve. InAsia-Pacific , after solid growth in the first half of the year, sales rose relative to both 2020 and 2019, but were held back by rising COVID-19 case numbers during the summer. - Online sales continued to grow at a firm pace, up 24.3% relative to the third quarter of 2020 and 147.9% relative to the same period in 2019.
- Business levels were driven by very strong momentum in
Revenue (in € millions) | Q3 2021 | Q3 2020 | Reported change | Comparable change (1) | |
Total Houses | 4,041.8 | 3,600.1 | +12.3% | +11.8% | |
Gucci | 2,181.8 | 2,087.8 | +4.5% | +3.8% | |
652.9 | 510.7 | +27.8% | +28.1% | ||
Bottega Veneta | 363.4 | 332.5 | +9.3% | +8.9% | |
Other Houses | 843.7 | 669.1 | +26.1% | +26.0% | |
Corporate and other | 146.0 | 117.6 | +24.1% | +24.1% | |
4,187.8 | 3,717.7 | +12.6% | +12.2% |
(1) On a comparable scope and exchange rate basis. |
Gucci: transition between collections
In the third quarter of 2021, Gucci’s revenue totaled €2,181.8 million, an increase of 4.5% as reported and 3.8% on a comparable basis.
Sales generated in directly operated stores grew 6.9% and 1.6% on a comparable basis relative to the third quarters of 2020 and 2019, respectively. Following the Ouverture collection, the third quarter brought the successful launch of the Diana bag, while the Aria collection gradually arrived in stores from late September. Good sales momentum continued in
On a comparable basis, wholesale revenue fell 19.1% relative to the third quarter of 2020 and 44.5% relative to the third quarter of 2019, reflecting the House’s strategy of making its distribution ever more exclusive.
On a comparable basis, sales in the directly operated store network rose sharply in the third quarter, up 30.9% year on year and up 36.9% relative to the third quarter of 2019, due to success across product categories, all posting double-digit growth.
This outstanding momentum continued in all geographic regions, notably
On a comparable basis, wholesale revenue rose 22.1% compared to the third quarter of 2020.
Bottega Veneta: very healthy growth
Bottega Veneta’s revenue amounted to €363.4 million in the third quarter, up 9.3% as reported and up 8.9% on a comparable basis. Sales in the directly operated store network rose 6.1% year on year on a comparable basis and were up sharply (+18.4% on a comparable basis) relative to the third quarter of 2019. The House’s very balanced growth is driven by its success with both existing and new customers.
On a comparable basis, revenue from the highly exclusive wholesale network rose by 18.3% compared to the third quarter of 2020.
Other Houses: excellent performance across the board
Revenue from the Group’s Other Houses totaled €843.7 million in the third quarter, up 26.1% as reported and 26.0% on a comparable basis. Revenue also increased very sharply relative to 2019, due notably to the ongoing expansion of Balenciaga and
Corporate and other
Third-quarter revenue in the Corporate and other segment rose 24.1% both as reported and on a comparable basis, as a result of very strong performance by
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About
A global Luxury group,
Contacts
Press
Emilie Gargatte +33 (0)1 45 64 61 20 emilie.gargatte@kering.com
Analysts/investors
Claire Roblet +33 (0)1 45 64 61 49 claire.roblet@kering.com
Julien Brosillon +33 (0)1 45 64 62 30 julien.brosillon@kering.com
Appendix: Revenue for the third quarter and first nine months of 2021
Revenue (in € millions) | Q3 2021 | Q3 2020 | Reported change | Comparable change(1) | First nine months 2021 | First nine months 2020 | Reported change | Comparable change(1) | |
Total Houses | 4,041.8 | 3,600.1 | +12.3% | +11.8% | 11,749.8 | 8,775.6 | +33.9% | +36.0% | |
Gucci | 2,181.8 | 2,087.8 | +4.5% | +3.8% | 6,661.1 | 5,160.0 | +29.1% | +31.1% | |
652.9 | 510.7 | +27.8% | +28.1% | 1,698.4 | 1,191.8 | +42.5% | +45.1% | ||
Bottega Veneta | 363.4 | 332.5 | +9.3% | +8.9% | 1,071.0 | 835.6 | +28.2% | +30.3% | |
Other Houses | 843.7 | 669.1 | +26.1% | +26.0% | 2,319.3 | 1,588.2 | +46.0% | +48.1% | |
Corporate and other | 146.0 | 117.6 | +24.1% | +24.1% | 485.2 | 320.4 | +51.4% | +54.5% | |
4,187.8 | 3,717.7 | +12.6% | +12.2% | 12,235.0 | 9,096.0 | +34.5% | +36.6% |
(1) On a comparable scope and exchange rate basis.
Press release October 19, 2021 6/6
Attachment
- Kering Release Q3 2021 19 10
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