Luxury Fashion Brand Kering Revenue Jumps by 44.1% in North America, Slumps by 41% in Western Europe
The revenue of luxury fashion brand Kering during Q3 2020 outperformed analysts’ expectations. According to the research data analyzed and published by Stock Apps, its consolidated revenue sank by 1.2% quarter-over-quarter (QoQ) and 4.3% year-over-year (YoY) to €3.72 billion in Q3 2020. This was a significant rebound from Q2 2020 when the brand posted a 43.5% decline YoY.
Gucci was its worst hit house, as its sales dropped by 12.1% YoY to €2.09 billion. However, based on the Lyst Index, it was the hottest brand in Q3 2020.
Gucci Page Views Shoot Up By 52%, Clinches First Spot on Lyst Index
Kering’s leading region during the quarter was North America, where it had a 44.1% increase in sales. Asia Pacific followed with 18.5%. On the other hand, revenue from Western Europe dropped by 41% and 22% in Japan.
Similarly, Gucci posted a 43.7% increase in North America and 10.6% in APAC. But in Western Europe, its sales dropped by 47.3% and 25.9% in Japan. The uneven performance was due to a lack of tourists in Western Europe and Japan. Notably, Gucci’s online sales soared by 12.6% as its wholesale revenue sank by 31.6%.
Among Gucci’s highlights for the quarter was the Epilogue Collection livestream. It drew a worldwide audience of more than 35.2 million viewers across various platforms. Moreover, Gucci’s page views on Lyst surged by 52% YoY during the quarter.
On the other hand, Bottega Veneta’s revenue for the period was €332.5 million, up by 17% YoY. Its online sales rose by 101.9% and its wholesale sales by 63.4%. Yves Saint Laurent’s revenue was €510.7 million, up by 0.8% YoY. Its retail sales rose by 5.8%, online sales more than doubled and wholesale revenue jumped by 3.4%.
Other Kering Houses revenue increased by 9.3% YoY with retail sales up by 10% and wholesale sales rose by 16.7%. Its corporate and other segments had a 10.1% YoY increase in revenue with Kering Eyewear in the lead.