Kering’s net profit climbed 14 per cent in 2022. Sales jumped 15 per cent.
The French luxury giant’s empire includes Gucci, Balenciaga, Yves Saint Laurent, Bottega Veneta and Alexander McQueen. Kering’s sales fell two per cent in the fourth quarter, dragged down by an 11 per cent drop at Gucci and three per cent at its other brands, which include Balenciaga, in the last three months of the year.
The results were weighed down by China which still had Covid restrictions most of last year. The world’s second biggest economy, a major market for luxury brands, lifted its zero-Covid policy in December 2022. Gucci sales were up eight per cent for the full year in 2022. Sales at Yves Saint Laurent soared by 31 per cent. Other brands were up 16 per cent for the year.
Kering is a global luxury group that manages the development of a series of renowned brands or houses in fashion, leather goods and jewelry. By placing creativity at the heart of its strategy, Kering enables its houses to set new limits in terms of their creative expression while crafting tomorrow’s luxury in a sustainable and responsible way. Kering has more than 42,000 staff members.
