French luxury group Kering's revenue climbs 35% in 2021

Growth was driven by outstanding performances from all houses, which generated revenue of €17,019 million, up 34 per cent as reported and up 35 per cent on a comparable basis.

In the retail network (including e-commerce), revenue was 40 per cent higher than in 2020 on a comparable basis, supported by a sharp rebound in all regions, and 18 per cent higher than in 2019. Sales growth accelerated in the fourth quarter of 2021, rising by 39 per cent relative to 2020 and 34 per cent relative to 2019 on a comparable basis, Kering said in a press release.

Online sales continued to grow at an exceptional pace, up 55 per cent. The online channel’s penetration rate doubled in two years, and it now accounts for 15 per cent of total sales in the retail network.

“Kering realised excellent performances in 2021, further consolidating its prominent position in the Luxury of the future. Thanks to their ability to blend authenticity with bold creativity, all our houses achieved sharp sales rebound, way beyond their 2019 levels, while reinforcing the exclusivity of their distribution and further enhancing their brand equity. We expanded our team of talented people around the world, and I am sincerely grateful for the remarkable accomplishments of all our colleagues. We are working assiduously to meet our ambitious sustainability commitments. All our houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years,” François-Henri Pinault, chairman and chief executive officer, said.

A major player in a fast-growing market around the world, Kering enjoys solid fundamentals and a balanced portfolio of complementary brands with strong potential. Its strategic priorities are straightforward. The group and its Houses seek to achieve same-store revenue growth while ensuring the targets enhance the exclusivity of their distribution and secure their profitable growth trajectories. The group is also investing proactively to develop cross-business growth platforms in the areas of e-commerce, omni-channel distribution, logistics and technological infrastructure, digital expertise and innovative tools and selective expansion of their retail networks. Kering aims to grow its Houses in a sustainable manner, the release added.

Fibre2Fashion News Desk (RR)