The Kering group recorded a limited drop in sales (-17.5%) in 2020, to 13.1 billion euros, thanks to a recovery in activity in Asia and North America in the second half, and a jump in online sales, according to a statement Wednesday.
Read also: Kering maintains its investments to take advantage of the rebound in luxury
“
In a year of upheaval, Kering has shown great resilience and remarkable agility.
We come out of the crisis strengthened and ready to take advantage of the recovery,
”said the group's CEO, François-Henri Pinault, quoted in a press release published on Wednesday.
The group's turnover - which notably owns the Gucci, Yves Saint Laurent and Bottega Veneta brands - amounted to 13.1 billion euros, down 17.5% on a reported basis and 16.4% % organic.
Kering saw its net income group share decline 6.9% over one year, to 2.15 billion euros.
Its current operating margin amounted to 23.9%, whereas it had crossed the 30% mark for the first time in fiscal 2019. After a start to the year marked by store closures and the stopping of tourist flows, "
trends improved in the second half of the year
" due to "
good momentum in Asia-Pacific and North America
" and also "
a very strong acceleration in e-commerce up close. 70%,
”greeted CFO Jean-Marc Duplaix during a conference call.
Read also: Kering exceeds expectations for its third quarter sales, thanks to North America and Asia
If the luxury group does not give quantified prospects for 2021, it judges that
"both the strength of its operational and organizational model and its financial solidity reinforce its confidence in its growth potential in the medium and long term
".
He believes that "
although the current context is still marked by many uncertainties, the crisis has not called into question the structural engines of growth in the world luxury market, and has fully confirmed the relevance of its strategy
".
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