Kering reports Q1 FY20 revenue of €3,203 million

Fashion

23 Apr `20

2 min read

Kering, a global luxury group, posted 15.4 per cent decrease in its revenue to €3,203.2 million in first quarter (Q1) FY20 ended in March 2020. The group reported encouraging signs from the Mainland China with the reopening of most of its stores in March. Also, a 21.1 per cent growth was reported in the e-commerce business during the quarter.

Kering, a global luxury group, posted 15.4 per cent decrease in its revenue to €3,203.2 million in first quarter (Q1) FY20 ended in March 2020. The group reported encouraging signs from the Mainland China with the reopening of most of its stores in March. Also, a 21.1 per cent growth was reported in the e-commerce business during the quarter.#

“After a very promising start to the year for all our Houses, the rapid spread of Covid-19 affected our performance in our main markets,” François-Henri Pinault, chairman and chief executive officer, said in a press release.

Kering, a global luxury group, posted 15.4 per cent decrease in its revenue to €3,203.2 million in first quarter (Q1) FY20 ended in March 2020. The group reported encouraging signs from the Mainland China with the reopening of most of its stores in March. Also, a 21.1 per cent growth was reported in the e-commerce business during the quarter.#

The group reported that the quarter marked by strong disparities, with: an exceptionally good start to the year in January, before the epidemic began to spread; revenue from the directly operated stores of the Luxury Houses retreated 19.5 per cent, and was particularly affected by the significant slowdown in Asia-Pacific, followed by Europe later in the quarter.

Kering, a global luxury group, posted 15.4 per cent decrease in its revenue to €3,203.2 million in first quarter (Q1) FY20 ended in March 2020. The group reported encouraging signs from the Mainland China with the reopening of most of its stores in March. Also, a 21.1 per cent growth was reported in the e-commerce business during the quarter.#

Sales of Gucci fell 22.4 per cent to €1,804.1 million in the quarter. Retail of the segment was down 24 per cent. Wholesale was down 6 per cent following shipment discontinuation due to closure of logistics central hub, as group reported.

Kering, a global luxury group, posted 15.4 per cent decrease in its revenue to €3,203.2 million in first quarter (Q1) FY20 ended in March 2020. The group reported encouraging signs from the Mainland China with the reopening of most of its stores in March. Also, a 21.1 per cent growth was reported in the e-commerce business during the quarter.#

Yves Saint Laurent reported 12.6 per cent decrease to €434.6 million. Retail sales in the directly operated store network were down 17.6 per cent, while wholesale dropped 5.7 per cent.

Kering, a global luxury group, posted 15.4 per cent decrease in its revenue to €3,203.2 million in first quarter (Q1) FY20 ended in March 2020. The group reported encouraging signs from the Mainland China with the reopening of most of its stores in March. Also, a 21.1 per cent growth was reported in the e-commerce business during the quarter.#

Bottega Veneta’s revenue jumped 10.3 per cent to €273.7 million. Retail sales in directly operated stores remained broadly unchanged (down 0.9 per cent) despite the exceptionally unfavourable market context. Wholesale was up 55.1 per cent, benefiting from a very high order book for Spring-Summer 2020 collections.

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