Sales of the luxury and high fashion group were less impressive Kering like his rival houses LVMX And her Hermes in the first quarter, according to the British newspaper Financial Times, noting that the indicators were influenced by wholesale sales and the North American market. Revenues from Kering, based in Paris and owning among many other brands, as well as Gucci And Saint Laurent, increased by 1%. to €5.1 billion year-on-year in the first three months of 2023, significantly less than Hermes (23%) and LVMH (18%). However, compared to the results at the end of 2022, they are clearly favorable. Kering’s fourth-quarter revenue, in particular, fell 7% due to China’s zero-tolerance coronavirus policy restrictions. In addition, this negatively affected sales and the brand’s unsuccessful and provocative advertising campaign. Balenciaga, part of a group. The failure hurt sales in Europe and North America.

It’s worth noting that while Kering’s in-store sales grew 4% in early 2023, wholesale distribution, which the company is trying to cut, has dragged the group down. Haute couture house Gucci, the group’s biggest brand and accounting for half of its total revenue, was broadly flat at the beginning of the year, while sales of Saint Laurent were up 8%. The Gucci fashion house in particular is in the midst of change following the abrupt departure of its designer Alessandro Michele at the end of 2022. New creative director Sabato de Sarno is expected to present his first collection in September. as the house seeks to reinvent its design and expand its timeless clothing line.

“Kering’s first quarter results were mixed, as we expected. And while we are busy resurrecting the appeal of our brands and increasing their visibility in our core markets, we are encouraged by the incremental improvement in monthly business during the first quarter,” summed up Kering CEO François-Henri. Pino, his impressive rival Bernard Arnaultowner of LVMH.