Gucci Continues Strong Growth as Online Sales Double
Driving another impressive quarter from Kering.
After growing its sales by 45% last quarter, Gucci‘s impressive financial performance has continued with another strong set of results. The main driving force behind the results was online sales, with this category more than double from previous periods. This played a huge role in the continued growth of Gucci’s parent company Kering, with the luxury conglomerate increasing its comparable sales by 37% in the first quarter — way above the 23% growth expected from analysts.
Kering’s financial performance was also bolstered by strong quarters from other labels, with Saint Laurent and the division that includes Balenciaga and Alexander McQueen also reporting double-digit growth performances. Announcing the figures, Kering chief financial officer Jean-Marc Duplaix described it as a “remarkable performance” and revealed that the group’s brands can “outperform the market in the remainder of the year through innovation.”
In further good news for Kering, Gucci and Balenciaga have continued their dominance of the Lyst Index’s World’s Hottest Brand list.
