Sales of Gucci have risen above pre-epidemic levels, and the Italian brand continues to attract young consumers not only through social media campaigns, but also from the lifting of blockades by countries.
The owners of the brand are gathering.The group announced on Tuesday that Gucci's comparable sales grew by more than 86 per cent in the second quarter. Analysts expect growth of 77%. Gucci's performance contributed to an 11.2 per cent year-on-year increase in total revenue in the second quarter.
Before Kering, companies such as LVMH and Richemont reported excellent results as consumers around the world spent money saved during the outbreak on luxury handbags, shoes and jewelry. Like these companies, Kering's performance comparison also benefited from a low base of comparison caused by the closure of many stores in 2020.
Investors have been worried about Gucci's even sharper decline in sales last year, and the rebound should bring some comfort. By contrast, revenues rebounded strongly immediately after brands such as LVMH's Louis Vuitton and Herm è s relaxed the strictest blockade.
Kering's recurrent operating income rose 135% to 2.24 billion euros ($2.65 billion) in the first half. Analysts had expected 2.08 billion euros. More than 80 per cent of the group's recurrent operating income last year was contributed by Gucci.