Record year for Kering brands, but Q4 disappoints
Luxury group Kering has reported full-year revenues for 2022 of €20 billion, an increase of 15% year on year.
All of the group’s brands posted record revenues, Kering said, but it added that the performance of the brands was “not up to our ambitious and potential” in every case. Some faced challenges towards the end of the year, but the group said it was confident it was pursuing the right strategy for the long term.
“In an environment that remains uncertain, I have no doubt that 2023 will be another year of success for our houses and of growth for our group,” said chief executive, François-Henri Pinault.
Revenues at Gucci reached €10.5 billion, an increase of 8%. However, figures for the fourth quarter of 2022 show a decline of 14% for Kering’s biggest brand compared to the same quarter in 2021. The group said the 2021 figure for that quarter gave a high basis for comparison and that the 2022 figure was affected by the situation in China.
Yves Saint Laurent reported revenues of €3.3 billion for the year, which represents growth of 31%. Kering said this performance was in line with its ambitions for the brand.
At Bottega Veneta, revenues for the year reached €1.7 billion, growing by 16% year on year.
