A surge in tourism in Western Europe and Japan helped Kering pull off 12 percent sales growth in Q3, the company said.
Kering posted revenue of 2.9 billion euros, or $3.2 billion, in the third quarter, up 3.1 percent on a currency neutral basis.
“In a volatile macroeconomic and monetary environment characterized by sharp contrasts across regions, our well-balanced economic model and brand portfolio enabled our luxury activities to deliver healthy performances, powered notably by the momentum in directly operated stores and by a surge in tourist shoppers in Western Europe and Japan,” said François-Henri Pinault, Kering’s chairman and CEO, in a release. “The implementation of our action plan at Gucci is moving forward. Our new collections were enthusiastically acclaimed, confirming the highly promising course the brand has now embarked on.”
Gucci posted an 8.6 percent increase in sales on a reported basis but declined 0.4 percent on a comparable/constant currency basis in the quarter.
Sales at Bottega Veneta rose 13.2 percent on a reported basis and 4.3 percent on a comparable/constant currency basis.
The largest growth came from Yves Saint Laurent with sales gaining 37 percent on a reported basis and 27 percent on a comparable basis.
In the Sport & Lifestyle division, revenue at Puma rose 4 percent on a comparable basis in Q3.
“I look ahead to the final three months of the year with confidence in our brands’ development potential and in the group’s ability to maintain its growth trajectory,” Pinault said.