Kering reports strong revenue growth in third quarter 2022

Kering, the luxury goods conglomerate, reported a robust 14% increase in revenue on a comparable basis for the third quarter of 2022, reaching €5.14 billion. The reported revenue saw a rise of 23% compared to the same period last year. Compared to the third quarter of 2019, before the pandemic, revenue grew by 28% on a comparable basis.

The group's directly operated store network continued its growth trajectory, with a 19% increase on a comparable basis across all regions. Western Europe and Japan showed particularly strong performance, with revenues up 74% and 31% respectively. Growth in North America was modest at 1%, attributed to a high comparison base and the contribution of American tourists to European sales. The Asia-Pacific region saw a 7% increase, although China's COVID-19 restrictions impacted sales.

Gucci, Kering's flagship brand, generated €2.58 billion in revenue, marking a 9% rise on a comparable basis. Yves Saint Laurent achieved a significant increase of 30% on a comparable basis, with revenues of €916 million. Bottega Veneta also reported healthy growth, with revenue up 14% on a comparable basis to €437 million.

Other brands within the Kering portfolio, including Balenciaga and Alexander McQueen, along with Kering Eyewear, also posted positive results. The company also announced the initiation of the fourth and final tranche of its share repurchase program.