New record of profitability for Kering. The French luxury group closed last year with a growth of 35% on a comparable basis compared to 2020 and 13% compared to 2019. Sales reached 17.645 billion euros. The evolution of recurring operating profit was particularly positive, increasing by 60% compared to 2020 to 5.017 billion euros. The operating margin stood at 28.4%. On the Paris market, the Kering stock is celebrating the results with a jump of more than 6%.
«In 2021 Kering achieved excellent performances, further consolidating its leading position in the luxury sector. Thanks to their ability to combine authenticity and creativity, all our Maisons have achieved solid growth in their sales, beyond the levels of 2019, while strengthening the exclusivity of their distribution and their brand equity “comments François-Henri Pinault, president and CEO of the group, who continues: «We have expanded our team of talented people around the world and I am truly grateful for the extraordinary results achieved by all. We are working hard to achieve our ambitious sustainability goals. All our brands are stronger than ever and we are confident of being able to extend last year’s performance to 2022 and subsequent years ».
In the fourth quarter alone, revenues increased by 35.1% to 5.41 billion euros, compared to the same period of 2020, while in the comparison with the pre-covid 2019 the increase is 25%.
Gucci protagonist of growth
In 2021 the sales trend for Gucci was positive, which recorded revenues of € 9.731 million, an improvement of 31%, exceeding the level of 2019. Sales generated in the retail network grew by 37% on a comparable basis compared to 2020 and by 10% compared to 2019. As part of the Gucci distribution review, wholesale revenues fell 10% year-over-year and 39% compared to 2019.
In the fourth quarter of 2021, Gucci’s revenue growth accelerated up to + 32% year-on-year and + 18% compared to the same period in 2019. “This is thanks to the success of its iconic lines, along with a rent calendar of events and new product launches »reads the group’s note. Sales of directly operated stores increased by 35% compared to the fourth quarter of 2020 and by 25% compared to the same period in 2019.