The French luxury group Kering reported a strong first quarter, with group revenue rising by 31% y-o-y basis to $3.89 billion. Sales from its luxury activities for the same period totaled $2.63 billion, up by a steep 34%. The sales growth in the group’s directly operated store network increased significantly to 36.6%, as a direct result of the remarkable performance in Western Europe and the Asia Pacific area, which reported sales increases of 49.9% and 46.7% respectively. Sales rose in all geographic regions except Japan, while the group’s online business shot up to 61.1% on a comparable basis, suggesting the digital strategies implemented by Kering’s luxury houses were successful.
Jewelry sales climbed 13.1% on a comparable basis, with strong performances by Boucheron and Pomellato, demonstrating their innovative flair through new collections, reworked iconic lines and 360-degree marketing campaigns. The company did not share more in-depth details regarding the jewelry segment at this time.
“Kering achieved a record performance in the first three months of the year, posting a sharp acceleration in sales growth. Benefitting from somewhat more favorable market conditions, our strong delivery primarily stems from meticulous execution of our strategy and the creative audacity of our Houses. In a climate of persistent geopolitical and macroeconomic uncertainties, our first quarter puts us in a particularly good position for the balance of the year,” said François-Henri Pinault, Chairman and CEO.