Gucci modest Q4 financials offset of exceptional performance of sister company Saint Laurent
Gucci, the flagship brand of Kering reported very modest Q4 sales growth with only 0.2 pct growth vs 0.6 pct in Q3. Saint Laurent Paris like-for-like sales jump 42 pct, while Kering net profit 50 mln euros vs 1.048 bln in 2012.
Under the creative direction of Hedi Slimane, appointed in 2012, Saint Laurent Paris has become the French company’s fastest growing major brand, with like-for-like revenue up 42 percent in the fourth quarter alone and 22 percent in 2013 overall. The growth was not so much driven by shop openings – as can often be the case – as half of Yves Saint Laurent’s sales came from wholesale revenue, up 43 percent last year.
Chief Executive Francois-Henri Pinault said he was confident the company would increase revenue and recurring operating income this year, with a focus on achieving profitable organic growth at its luxury brands and a relaunch plan for its Puma sportswear brand.