The Kering group on a strong growth path

The Kering Group has just announced record sales of €17,645 million for 2021, up +35% on 2020 and well ahead of its 2019 level of +13%. Current operating income is up sharply, at +60% compared to 2020, and reaches a record level of €5,017m. The current operating margin returns to high levels, at 28.4%.

The Group's performance is led by the Gucci brand, which achieved sales of €9,731 million (up +31% on a reported and comparable basis), exceeding 2019. As can be seen, the brand is recovering from the decline in sales in 2020, which were particularly affected in South-East Asia during the pandemic. The transformation of its distribution network to focus on its own shops is contributing to this good performance. In the fourth quarter of 2021, Gucci's sales accelerated sharply, at +32% compared to 2020 and +18% compared to the same period in 2019.

The best performance came from the Yves Saint Laurent brand, which achieved a +45% increase in revenue on a reported basis and +46% on a comparable basis.to €2,521 million. In 2021, Bottega Veneta's revenue will exceed €1.5 billion, up 24% on a reported basis and 25% on a comparable basis compared to 2020 on a high basis of comparison, and up 32% on a comparable basis compared to 2019.

Of particular note is the increase in the group's online sales of +55%, doubling its penetration rate. Online sales now represent 15% of total sales of the own distribution network.

In comparison, LVMH Moët Hennessy Louis Vuitton achieved a turnover of 64.2 billion euros in 2021, up 44% compared to 2020 and 20% compared to 2019. Profit from recurring operations in 2021 was 17,151 million euros compared to 2020 and up 49% compared to 2019.