Kering on Thursday reported fourth-quarter revenue jumped nearly a third, beating expectations over the holiday period as marketing investments and 100th anniversary promotion events helped boost the popularity of its top brand Gucci.
The logos of French luxury group Kering and fashion house Balenciaga are pictured on Kering headquarters in Paris, France, April 20, 2020. REUTERS/Charles Platiauon Thursday reported fourth-quarter revenue jumped nearly a third, beating expectations over the holiday period as marketing investments and 100th anniversary promotion events helped boost the popularity of its top brand Gucci.
The strong comeback by Gucci after a disappointing third quarter will come as a relief for Kering - the label accounts for 60% of its revenues and around 70% of its profits."This is an encouraging performance," said analysts at Exane BNP Paribas, noting the bar had been set higher as most luxury players significantly accelerated sales growth over the fourth quarter.
The release in November of Ridley Scott's film "House of Gucci", although not directly linked to the brand, also helped increase the visibility of its designs. Kering's finance chief Jean-Marc Duplaix told reporters the brand - which increased prices twice in 2020 and again in 2021 - would raise prices in a "targeted manner" this year. Louis Vuitton hiked prices this week to offset rising costs and protect margins.
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