It’s no secret that Alessandro Michele’s appointment as creative director has done wonders for Gucci over the past two years, but now we know just how well the label is doing.
According to a new report from Kering, the French luxury goods holding company is doing as well as it has in years. In the fourth-quarter of 2016, the Paris-based giant saw its sales increase by 10.4% — its fastest rate of growth since 2012 and far exceeding the 7% growth that analysts had predicted. And, as you might expect, Michele and Gucci were largely responsible for the success. Gucci alone saw its revenues increase by 21%, nearly doubling expectations — this despite the fact that it has down away with in-store markdowns entirely.
The Italian luxury house’s staggering growth isn’t the only reason behind Kering’s success, though. As The Business of Fashion points out, Saint Laurent’s sales rose by more than 20% for the sixth year in a row.
The end result of all of this? Following the report, Kering’s share prices rose 3% today to €231.15 EUR (approximately $245.84 USD), peaking at one point at 4.7% for what would ultimately be the company’s best single-day performance since October 26 of last year.
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