Posted on October 29 2018
The French luxury conglomerate said revenue reached €3.4 billion in the third quarter and increased 27.5 percent on a comparable basis.
PARIS, France — French luxury conglomerate Kering posted a better-than-expected revenue rise in third quarter revenue on Tuesday, thanks to another strong performance from Gucci even as sales growth at the thriving brand comes off recent highs.
Kering, which owns other fashion labels including Saint Laurent and Balenciaga, said revenue reached €3.4 billion ($3.90 billion) in the July to September period and increased 27.5 percent on a comparable basis.
Sales growth had been expected to slow more sharply from 31.5 percent a quarter earlier to the 22.5 percent rise forecast in a poll of analysts by Inquiry Financial.
Luxury companies have been prey to investors' jitters over any potential slowdown in China, their single biggest market, and Kering has been in the spotlight over when appetite for Gucci handbags and other wares will start cooling following a hit makeover.
By Sarah White; editor: Sudip Kar-Gupta.
Courtesy of : https://www.businessoffashion.com
Line outside of Gucci store | Source: Shutterstock