Gucci owner Kering sees 2021 profits beat pre-Covid levels

By AFP

French luxury group Kering, owner of brands such as Gucci, Yves Saint Laurent and Bottega Veneta, said Thursday its net profit exceeded pre-pandemic levels in 2021 on the back of buoyant sales.

Kering’s net profit rose 37 percent over 2019 to 3.175 billion euros ($3.64 billion) and revenues hit a record 17.6 billion euros as the luxury sector bounced back from the lockdowns of 2020 and socialising resumed.

“Kering realized excellent performances in 2021, further consolidating its prominent position in the Luxury of the future,” said Francois-Henri Pinault, chairman and CEO, saluting a “sharp sales rebound.”

“We are working assiduously to meet our ambitious sustainability commitments,” added Pinault. “All our houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years.”

Financial director Jean-Marc Duplaix said the rebound covered “all geographic zones.”

Star handbag maker Gucci returned to its pre-pandemic form with sales of 9.7 billion euros after a surge in demand in the fourth quarter of 2021.

Duplaix said Yves Saint Laurent also showed “exceptional performances” with 2.5 billion euros in reveneus, up by almost a quarter on 2019.

Kering employs around 42,000 people worldwide.