Kering Group’s revenue in Q32022 was up 23 percent as reported and up 14 percent on a comparable basis compared to the third quarter of 2021. Versus the third quarter of 2019, comparable revenue was up 28 percent.
Revenue in the directly operated store network continued to grow at a rapid pace, up 19 percent on a comparable basis. All regions posted growth – Western Europe (+74 percent) and Japan (+31 percent) achieved particularly outstanding performances. In North America (+1 percent), steady activity reflects the high comparison base together with the hefty contribution from American tourists to European sales momentum. Growth in AsiaPacific (+7 percent) was robust, despite the impact of Covid restrictions in Mainland China.
In the third quarter, Gucci’s revenue totaled EUR 2,581 million, up 18 percent as reported and 9 percent on a comparable basis.
Sales generated in direct operated stores grew 9 percent on a comparable basis. In Japan, revenue rose sharply. Performance in Mainland China was mixed, impacting sales in Asia-Pacific, where overall trends posted a notable improvement. Wholesale revenue rose 2 percent. The rationalization of this channel is now complete.
Yves Saint Laurent achieved an outstanding third quarter with revenue of EUR 916 million, up 40 percent as reported and up 30 percent on a comparable basis. All geographical zones saw strong growth. Wholesale revenue rose 13 percent on a comparable basis.
Bottega Veneta’s revenue totaled EUR 437 billion in the third quarter, up 20 percent as reported and up 14 percent on a comparable basis. Growth was driven by sales in directly operated stores, up 20 percent on a comparable basis, reflecting the excellent reception of Matthieu Blazy’s first collection. Performance was particularly remarkable in Western Europe and Japan. Wholesale revenue fell 5 percent, in line with the House’s strategy of streamlining this channel. In the third quarter, revenue from Kering’s Other Houses totaled EUR 995 million, an increase of 17 percent as reported and 13 percent on a comparable basis.
Revenue from direct operated stores grew sharply, up 43 percent on a comparable basis. Sales at Balenciaga and Alexander McQueen were particularly buoyant across all product categories. Brioni continued its rebound. Boucheron and Pomellato once again posted very good performances. Qeelin held out well against the complex operating environment in China.
Wholesale revenue was down 25 percent reflecting the Houses’ strategy to reduce the contribution of this channel, as well as calendar phasing effects.
Third-quarter revenue from Kering Eyewear and Corporate amounted to EUR 253 million. Kering Eyewear achieved total sales of EUR 246 million, up 23 percent on a comparable basis. Growth was sustained across all regions and distribution channels, with significant contributions from Gucci and Cartier and sharp growth in all brands. Following the successful integration of Lindberg, the acquisition of Maui Jim has recently been completed.