French luxury group Kering has reported that its group revenue exceeded €20bn ($21.4bn) in fiscal 2022 (FY22), up by 15% on a reported basis and 9% on a comparable basis.

In the year, the company’s revenue from the directly operated retail network, including e-commerce sites, rose by 10%.

Net profit attributable to Kering was up by 14% to €3.61bn, while its earnings per share increased by 15%.

The group’s recurring operating income was €5.6bn and its recurring operating margin was 27.5%.

Kering noted that the 11% rise in recurring operating income included all its group activities. Free cash flow from the group’s operations stood at more than €3.2bn.

In the fourth quarter of FY22, Kering’s total reported sales dropped by 2% year-on-year.

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Kering owns the Yves Saint Laurent, Balenciaga, Bottega Veneta and Gucci brands among others.

Gucci’s revenue rose by 1% in FY22 on a comparable basis to €10.5bn, but this dropped by 14% in the fourth quarter.

Yves Saint Laurent’s revenue for FY22 amounted to €3.3bn, while Bottega Veneta recorded €1.7bn in revenue for the year and other houses registered €3.9bn.

As of 31 December, Kering’s net debt amounted to €2.3bn.

Kering chairman and CEO François-Henri Pinault said: “All our Houses posted record revenues and contributed to higher operating income in 2022.

“But these good performances were not uniformly up to our ambitions and potential.

“Beyond the challenges some of our Houses faced, notably towards the end of the year, we are convinced that we are pursuing the right strategy for the long term.

“In an environment that remains uncertain, I have no doubt that 2023 will be another year of success for our Houses and of growth for our group.”

In April last year, Kering reported a €4.95bn increase in revenue for the first quarter of FY22.