French luxury group Kering said its net profit exceeded pre-pandemic levels in 2021 on the back of buoyant sales.
Shoppers pass by a Gucci store. Picture: Pixabay.com
PARIS – French luxury group Kering, owner of brands such as Gucci, Yves Saint Laurent and Bottega Veneta, said on Thursday its net profit exceeded pre-pandemic levels in 2021 on the back of buoyant sales.
Kering’s net profit rose 37% over 2019 to €3.175 billion and revenues hit a record €17.6 billion as the luxury sector bounced back from the lockdowns of 2020 and socialising resumed.
“Kering realised excellent performances in 2021, further consolidating its prominent position in the Luxury of the future,” said Francois-Henri Pinault, chairperson 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 after a surge in demand in the fourth quarter of 2021.
Duplaix said Yves Saint Laurent also showed “exceptional performances” with €2.5 billion in revenues, up by almost a quarter on 2019.
Kering employs around 42,000 people worldwide.
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