Gucci Revenue Down 22.7% in 2020, YSL Down 14.9% - Kering
French luxury goods giant Kering said Wednesday its Gucci and Yves Saint Laurent brands were down by, respectively, 22.7 percent and 14.9 percent last year, while Bottega Veneta upended the trend to trade 3.7 percent higher
MOSCOW (Pakistan Point News / Sputnik - 17th February, 2021) French luxury goods giant Kering said Wednesday its Gucci and Yves Saint Laurent brands were down by, respectively, 22.7 percent and 14.9 percent last year, while Bottega Veneta upended the trend to trade 3.7 percent higher.
The conglomerate said the luxury sector had been hit hard by the pandemic, primarily in the first six months of the year, while the second half saw a sharp rebound, led by North America and Asia-Pacific.
"We achieved a solid top-line recovery in the second half, we protected our margins while continuing to invest in our Houses and growth platforms, our cash flow generation remained elevated," Kering CEO Francois-Henri Pinault said in a statement.
The company behind the Balenciaga, Alexander McQueen and Brioni brands estimated its consolidated revenue in 2020 was down 17.5 percent to 13.1 billion Euros ($15.8 billion) due to store closures and a halt in tourism.