Gucci has recently seen a sharp surge in sales, as per figures released by the brand’s parent company, Kering. Revenue at the Italian fashion house reportedly rose 37 percent to approximately $2.3bn in the first quarter of this year.
The recent rise marks one of the highest growth rates for the company within the last three years. The Gucci brand reportedly performed well in the North American market, seeing a 64 percent rise in sales primarily in the U.S. Additionally, growing demand for luxury goods in the Chinese market has also lifted Gucci’s sales.
Gucci has been on the rise with younger consumers since the appointment of Alessandro Michele as creative director in 2015. Recently, the brand has released gender-neutral capsules as well as hyped releases such as the chunky Rhyton sneaker and last summer’s bootleg-inspired T-shirt.
Gucci’s success had a knock on effect, with sales in Kering increasing by 27 percent to approximately $3.7bn, including Gucci’s 48.7 percent jump in comparable sales. The luxury French group also owns Balenciaga, German-based PUMA, and Yves Saint Laurent, the latter of which also saw sales rise 12 percent to approximately $498 million.
“We delivered a remarkable performance in the first quarter and are confident that our brands can outperform the market in the remainder of the year through innovation,” said Jean-Marc Duplaix, Kering’s Chief Financial Officer. “All this without opening new stores,” he added.
In other news, Chanel and Versace ranked among the least transparent brands for workers rights.
- Source: The Wall Street Journal