François-Henri Pinault: "Luxury will continue to attract new customers"

Gucci is back.

Kering's flagship brand saw its sales jump 18% over the last three months of 2021, compared to the same period of 2019 (+32% year-on-year).

This is the first time since the start of the Covid pandemic that the Florentine leather goods manufacturer has exceeded its pre-crisis level of activity over a quarter.

The spectacular rebound at the end of the year even enabled it to post a growth in its turnover of 3% over the whole of the year compared to 2019, to 9.7 billion euros (+31% over a year).

The gap is certainly significant with the fashion and leather goods division of LVMH (Louis Vuitton, Christian Dior, Fendi, etc.), which saw its sales jump by 42% between 2019 and 2021 (+47% over one year).

But Kering explains that the rationalization of the wholesale distribution network (wholesale) operated by Gucci had an impact of 500 million euros on turnover.

And points out that sales in the network of stores controlled by Gucci increased by 31% last year (+10% over two years), while wholesale fell by 10% (-39% over two years).

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