Kering reports strong performance in first half of 2022
Luxury group Kering announced a significant increase in revenue and earnings for the first half of 2022. Group revenue reached €9,930 million, up 23% as reported and 16% on a comparable basis.
Luxembourg-based luxury group Kering reported a substantial rise in financial performance for the first half of 2022. Group revenue totaled €9,930 million, marking a 23% increase as reported and a 16% rise on a comparable basis compared to the same period last year. Recurring operating income grew by 26% to €2,820 million, with the operating margin improving by 60 basis points to 28.4%.
Net income attributable to the Group increased by 34% to €1,988 million. Kering Chairman and CEO François-Henri Pinault stated that strong retail performances worldwide offset the impact of COVID-related measures in China during the second quarter. The recovery of tourism in Europe and engagement with local customers also supported the growth.
Across its brands, Gucci saw revenue increase by 8% on a comparable basis, while Yves Saint Laurent achieved 34% growth. Bottega Veneta’s revenue rose by 13%, and the combined revenue of Kering’s ‘Other Houses’ increased by 29%. This broad-based growth contributed to the company's improved financial results amidst global economic uncertainty.