PRESS RELEASE |
THIRD QUARTER 2023 REVENUE
Group revenue: €4,464 million,
down 13% as reported, down 9% on a comparable basis
“Beyond the challenging macroeconomic conditions and softening demand across the luxury industry, the change in our revenue performance in the third quarter reflects the impact of our decisions to further elevate our brands and their distribution. The organization we put in place in July will enable us to strengthen the steering of our Houses in the current market environment and to reclaim our positions and influence. With the acquisition of Creed completed last week, one of the world’s most distinguished high fragrance houses has joined our family, propelling our ambitions in beauty onto the next stage.”
- Group revenue was €4.5 billion in the third quarter of 2023, down 13% as reported and down 9% on a comparable basis, including a 6% negative exchange-rate effect and a 2% positive impact from the acquisition of
Maui Jim .- Revenue from the directly operated retail network fell 6% on a comparable basis, reflecting lower traffic and contrasted performances across regions.
- Wholesale and Other revenue fell sharply (down 20% on a comparable basis), due in particular to the Group’s ongoing efforts to tighten its control over distribution.
- In the first nine months of the year, the Group generated revenue of €14.6 billion.
Revenue (in € millions) | Q3 2023 | Q3 2022 | Reported change | Comparable change (1) | |
Gucci | 2,217 | 2,581 | -14% | -7% | |
768 | 916 | -16% | -12% | ||
Bottega Veneta | 381 | 437 | -13% | -7% | |
Other Houses | 805 | 995 | -19% | -15% | |
333 | 253 | +31% | +3% | ||
Eliminations | (40) | (45) | - | - | |
4,464 | 5,137 | -13% | -9% |
(1) On a comparable scope and exchange rate basis.
Gucci: new chapter
In the third quarter of 2023, Gucci’s revenue amounted to €2.2 billion, down 14% as reported and down 7% on a comparable basis.
Sales in the directly operated retail network fell 7% on a comparable basis during the quarter, with resilient performances in handbags and from the Valigeria collection. Wholesale revenue fell 17% on a comparable basis. During the quarter, Gucci unveiled its new creative expression with
Yves Saint Laurent’s revenue in the third quarter of 2023 amounted to €768 million, down 16% as reported and down 12% on a comparable basis, with significant differences across regions.
Sales in the directly operated store network fell 4% on a comparable basis, due to a high multi-year base of comparison, particularly in the third quarter of 2022.
Wholesale was down 38% on a comparable basis.
Bottega Veneta: greater desirability and exclusivity
Bottega Veneta’s revenue totaled €381 million in the third quarter, down 13% as reported and down 7% on a comparable basis.
In the directly operated retail network, revenue fell very slightly, down 2% on a comparable basis in the quarter. Wholesale revenue was down 30% on a comparable basis.
The Summer 2024 show was particularly well received and the House is continuing to enhance its exclusivity.
Other Houses: performance affected by lower Wholesale, good momentum in Jewelry
Revenue from the Group’s Other Houses totaled €805 million in the third quarter, down 19% as reported and down 15% on a comparable basis.
In retail, Balenciaga’s growth was mixed across regions and was affected by a high base of comparison, while
Boucheron’s positive performance reflects the success of its High Jewelry and Jewelry collections.
Kering Eyewear’s revenue totaled €331 million in the third quarter of 2023, up 34% as reported – due to the contribution of
MAIN ANNOUNCEMENTS SINCE
Appointment of
Francesca Bellettini , in addition to her current role as President and CEO ofYves Saint Laurent , which she has held since 2013, was appointed Kering Deputy CEO in charge ofBrand Development .Jean-Marc Duplaix ,Kering Chief Financial Officer since 2012, was appointed Kering Deputy CEO in charge of Operations and Finance.- Jean-François Palus, Kering Group Managing Director, was appointed President and CEO of Gucci.
Four-tranche bond issue for a total amount of €3.8 billion
Kering Beauté completes the acquisition of Creed
AUDIOCAST
An audiocast for analysts and investors will be held at
The slides (in PDF format) will be available ahead of the audiocast at https://www.kering.com/en/finance.
A replay of the webcast will also be available at www.kering.com.
About
A global Luxury group,
Contacts
Press | ||
Emilie Gargatte | +33 (0)1 45 64 61 20 | emilie.gargatte@kering.com |
+33 (0)1 45 64 62 53 | marie.demontreynaud@kering.com | |
Analysts/investors | ||
Claire Roblet | +33 (0)1 45 64 61 49 | claire.roblet@kering.com |
Julien Brosillon | +33 (0)1 45 64 62 30 | julien.brosillon@kering.com |
REVENUE FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2023
Revenue (in € millions) | Q3 2023 | Q3 2022 | Reported change | Comparable change(1) | First nine months 2023 | First nine months 2022 | Reported change | Comparable change(1) | |
Gucci | 2,217 | 2,581 | -14% | -7% | 7,345 | 7,754 | -5% | -2% | |
768 | 916 | -16% | -12% | 2,344 | 2,397 | -2% | +0% | ||
Bottega Veneta | 381 | 437 | -13% | -7% | 1,214 | 1,271 | -5% | -1% | |
Other Houses | 805 | 995 | -19% | -15% | 2,661 | 2,950 | -10% | -8% | |
333 | 253 | +31% | +3% | 1,202 | 844 | +42% | +12% | ||
Eliminations | (40) | (45) | - | - | (167) | (149) | - | - | |
4,464 | 5,137 | -13% | -9% | 14,599 | 15,067 | -3% | -2% |
(1) On a comparable scope and exchange rate basis.
Attachment
Kering - Press release - Third quarter 2023 revenue
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