Tourism halt hinders Kering revenues

Davida Erdahl

Total profits generated by the group’s retail network were down fifteen.9% yr on yr, though on line profits were up sixty seven.5% over the yr. Online accounted for 13% of complete profits. Sales were down across most of the group’s brands: Gucci reduced 22.seven% to €12.7bn (£11bn), Yves Saint Laurent […]

Total profits generated by the group’s retail network were down fifteen.9% yr on yr, though on line profits were up sixty seven.5% over the yr. Online accounted for 13% of complete profits.

Sales were down across most of the group’s brands: Gucci reduced 22.seven% to €12.7bn (£11bn), Yves Saint Laurent fell 14.9% to €1.7bn (£1.5bn), and other properties were down ten.one% to €2.3bn (£2bn).

Bottega Veneta’s profits, however, greater 3.seven% to €1.2bn (£1bn) for the duration of the yr, buoyed by momentum in the Asia-Pacific area, as effectively as by ecommerce.

Group net revenue were down 6.9% to €2.15bn (£1.9bn) in the period of time. EBITDA fell 34.9% to €4.6bn (£4bn).

François-Henri Pinault, Kering chairman and main government, claimed: “In a yr of disruption, Kering shown remarkable resilience and agility. We obtained a stable prime-line recovery in the 2nd half, we safeguarded our margins though continuing to commit in our Houses and advancement platforms, our funds flow technology remained elevated, and we more strengthened the group’s money composition.

“I am happy of the solidarity our group has demonstrated in this unprecedented ecosystem. Much more than at any time, I am persuaded that our method and business product are properly in sync with the current and future trends of the luxurious universe. We are rising from the crisis more robust and superior positioned to leverage the rebound. We commit in all our brands to maximise their opportunity, and to resume our lucrative advancement journey.”

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