Kering Group, which owns luxury brands including Gucci, has reported that its revenue for the first quarter (Q1) of fiscal 2022 increased by €4.95bn ($5.35bn) compared to the same period the prior year.
During the quarter, the company’s revenue rose 21% on a comparable basis year-on-year and 27% as reported.
Revenue increased 23% on a comparable basis year-on-year for directly operated stores, while online sales accounted for 15% of total direct sales in Q1.
Gucci recorded revenue of €2.59bn ($2.8bn), up 20% on a reported basis and 13% on a comparable basis.
Driven by strong performance with local customers in North America and Western Europe, sales from directly operated Gucci stores increased 15% on a comparable basis relative to the first quarter of 2021.
In addition, the revenue of the Yves Saint Laurent business rose 43% on a reported basis to €739m ($799.15m), and its sales in directly operated stores increased 49% on a comparable basis.
Revenue for Bottega Veneta grew 21% as reported and was up 16% on a comparable basis.
Kering chairman and CEO François-Henri Pinault said: “We opened 2022 on a very solid first quarter in a more uncertain environment, notably impacted by tightening Covid restrictions in China since March.
“All our Houses posted double-digit revenue growth in the quarter, with spectacular performances at Saint Laurent, our Other Houses, particularly Balenciaga, and Kering Eyewear. Bottega Veneta also delivered sharp higher sales on a more demanding base.
“Gucci’s strong showing in North America and Europe was overshadowed by its exposure to China, where we are boosting its organisation to fully capture the vitality of the market.
While we remain attentive to economic and geopolitical conditions, we invest in all our brands, whose attractivity will continue to fuel our growth and profitability.”