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Handbags and glad rags but Puma is the star turn at Kering | |
(about 7 hours later) | |
A return to growth at the sportswear brand Puma has helped offset weaker sales of Gucci handbags at the French giant Kering. | A return to growth at the sportswear brand Puma has helped offset weaker sales of Gucci handbags at the French giant Kering. |
The Paris-based owner of luxury and sportswear brands, also including Yves Saint Laurent and Christopher Kane, yesterday revealed a 3.3 per cent rise in third-quarter sales to €2.6bn (£2bn) – in line with expectations. | The Paris-based owner of luxury and sportswear brands, also including Yves Saint Laurent and Christopher Kane, yesterday revealed a 3.3 per cent rise in third-quarter sales to €2.6bn (£2bn) – in line with expectations. |
Sales in its luxury division rose 3.5 per cent on a like-for-like basis, while the previously struggling sportswear division posted a 6.1 per cent rise in comparable sales. | Sales in its luxury division rose 3.5 per cent on a like-for-like basis, while the previously struggling sportswear division posted a 6.1 per cent rise in comparable sales. |
François-Henri Pinault, chairman and chief executive of Kering, said: “Luxury activities held firm in a complex economic environment... [while] sport and lifestyle activities posted positive sales... driven by marketing efforts at Puma, whose relaunch plan is beginning to feed through. Faced with uncertain market conditions, we remain vigilant.” | François-Henri Pinault, chairman and chief executive of Kering, said: “Luxury activities held firm in a complex economic environment... [while] sport and lifestyle activities posted positive sales... driven by marketing efforts at Puma, whose relaunch plan is beginning to feed through. Faced with uncertain market conditions, we remain vigilant.” |
Gucci, like its rival Louis Vuitton, has suffered from weaker growth in Asia, following a government crackdown on lavish spending in China, and a move away from logo-heavy designs. | Gucci, like its rival Louis Vuitton, has suffered from weaker growth in Asia, following a government crackdown on lavish spending in China, and a move away from logo-heavy designs. |
Gucci sales fell 1.6 per cent during the period but it has restructured its brand, selling fewer bags with large logos and launching a collection of more exclusive products to prevent the brand from becoming ubiquitous. | Gucci sales fell 1.6 per cent during the period but it has restructured its brand, selling fewer bags with large logos and launching a collection of more exclusive products to prevent the brand from becoming ubiquitous. |
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