French luxury group Kering reported a strong first-quarter performance in 2017, with high-end brands including Gucci and Boucheron contributing substantial growth.
Consolidated revenues rose 31.2 percent to €3.57 billion (around US$3.89 billion), driven by double-digit growth across all product segments and geographic regions, except Japan, the group announced.
Sales from the group’s watches and jewellery houses climbed 13.1 percent, with “good performances” from Boucheron and Pomellato. The jewellery brands “demonstrated their innovative flair through new collections, reworked iconic lines and 360-degree marketing campaigns,” the group said.
The group’s watch manufacturers likewise fared well during the period in review. Girard-Perregaux and Ulysse Nardin participated in the Salon International de la Haute Horlogerie in January, where the two companies successfully unveiled several new models.
Francois-Henri Pinault, chairman and CEO of Kering, commented, “Kering achieved a record performance in the first three months of the year, posting a sharp acceleration in sales growth. Benefitting from somewhat more favourable market conditions, our strong delivery primarily stems from meticulous execution of our strategy and the creative audacity of our houses.”
He added, “In a climate of persistent geopolitical and macroeconomic uncertainties, our first quarter puts us in a particularly good position for the balance of the year. The group will continue to focus on organic growth and market share gains, on value creation and ongoing operational and financial discipline.”