Sales at French luxury group Kering lagged behind competitors LVMH and Hermès in the first quarter, dragged down by the performance of its wholesale division and North America.
Revenues at the Paris-based group — which owns brands including Gucci and Saint Laurent — grew by 1 per cent to €5.1bn on a comparable year on year basis in the first three months of 2023, far behind Hermès’ 23 per cent and LVMH’s 18 per cent.
However, they compared favourably against the group’s performance at the end of last year. Revenues fell 7 per cent in the fourth quarter, dragged down by zero-Covid lockdowns in China and a provocative ad campaign that backfired at the group’s Balenciaga brand and which hit sales in Europe and North America.
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