2017 was Kering‘s most profitable year on record, with revenue up a reported 27.2 percent as compared to last year. Its luxury brands portfolio which includes Gucci, Saint Laurent and Balenciaga were up 29.9 percent from 2016, while its sport and lifestyle brands, like Puma, were up 14.7 percent.
Revenue for Kering’s luxury brands topped €10 billion mark in 2017, or a 29.9 percent increase year-over-year. Gucci and Saint Laurent delivered what a press release calls “spectacular” growth, up 44.6 percent and 25.3 percent, respectively, while its other luxury brands saw an “acceleration” in revenue, too. Demna Gvasalia’s Balenciaga reportedly delivered the fastest growth rate of all of Kering’s luxury brands in the second half of 2017.
Puma didn’t perform too shabbily, either, with its comparable revenue rising 15.8 percent to hit €4 billion for the first time. But even so, those aren’t Gucci numbers; it’s no wonder why Kering would want to devote extra-attention to what’s already working so very well.
Kering delivered a phenomenal year in 2017,” chairman and chief executive Francois-Henri Pinault said in a statement. He added that the global environment remained uncertain but that Kering could do “much better than our markets” in 2018.
Kering plans to spin off 70% of its sportswear brand Puma to its own shareholders, which include the Pinault family, through its Artemis holding. Kering will retain a stake of just under 16% in Puma – which posted an upbeat assessment for 2018 this week – and the disposal is now set for May 16.
Balenciaga Spring Summer 2018
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