Kering has reported a strong recovery in Q3, with sales nearly back to 2019 levels, the company said in a statement.
“In a tough environment, Kering achieved substantial revenue recovery in the third quarter,” said François-Henri Pinault, Chairman and Chief Executive Officer.
Like almost all other companies, Kering is buckling down on building its e-commerce capabilities.
Kering reaped the benefits of sharp growth in certain regions, notably North America (up 44.1%), driven by a rebound in local demand, and Asia-Pacific (up 18.5%), fueled by excellent momentum in Mainland China. Sales performances in Western Europe (down 41.0%) and Japan (down 22.8%) were still severely hampered by the halt in tourism.
- Online sales continued their outstanding growth trajectory, up 101.9% in the third quarter, led by North America and Asia-Pacific. In the first nine months of the year, e-commerce accounted for 12.5% of Group retail sales.
- Wholesale revenue down 5.2% on a comparable basis, reflecting both the sharp slowdown in travel retail and the Group’s strategy towards increasingly exclusive distribution.
- Ongoing Group strategic investments supporting the development of its Houses, notably continuing progress in the internalization of their e-commerce activities.
- Kering’s consolidated revenue in the third quarter of 2020 totaled €3,717.7 million, down 4.3% as reported and 1.2% on a comparable basis. This performance represents a sharp rebound compared with the year on year contraction of 43.5% as reported and 43.7% on a comparable basis posted in the second quarter of 2020.
- Revenue from the Group’s Houses amounted to €3,600.1 million in the quarter (down 4.7% as reported and 1.6% on a comparable basis).
