PARIS – French luxury goods group Kering, home to brands such as Gucci and Yves Saint Laurent, said yesterday a positive performance in North America and Asia helped it weather the coronavirus crisis last year.
“In a year of upheaval, Kering showed great resilience and a remarkable flexibility. We emerge stronger from the crisis and ready to capitalise on the recovery,” Kering boss Francois-Henri Pinault said in a statement.
Sales fell 17.5% to €13.1 billion (RM63.82 billion) last year but the group still posted a net profit of €2.15 billion, down 6.9%.
After lockdowns slashed consumer spending early in the year, the second half saw a strong rebound, led by markets in Asia and North America, Kering said.
In addition, there was a “very strong acceleration in e-commerce of nearly 70%.”
The company did not give precise forecasts for this year but said that “if the current environment is marked by many uncertainties, the health crisis has not undercut the key drivers of growth in the global luxury goods business.”
By brand, sales at Gucci last year tumbled 22.7% to €7.4 billion with Yves Saint Laurent down 14.9% at €1.7 billion.
Bottega Veneta bucked the trend, with sales up 3.7% at €1.2 billion. – AFP, February 17, 2021
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