Gucci Group Sales Up 21% in Emerging Markets
Despite a comparable store sales decrease of 3.4% globally for the quarter ended 31 March, the Gucci brand itself showed tremendous resilience. Sales for Gucci-branded merchandise rose 1% on a comparable basis while revenue for Bottega Veneta, Yves Saint Laurent and the Group's other brands all fell. Gucci brand sales rose 21% in emerging markets, with 16% growth in Greater China. Sales in China, now conducted at 25 Gucci stores, represent 17% of global brand sales, up from 15% during the same period last year. Sales in Western Europe softened by 1.5%. Bottega Veneta sales decreased 13.4% on a comparable basis, though they rose 32% in Asia-Pacific excluding Japan. The region now accounts for 29% of the brand's revenue. Sales in Japan dropped an alarming 28% during the quarter. Yves Saint Laurent sales were down 10.2% on a comparable basis. The company said Balenciaga had "another good quarter," while Boucheron was negatively affected by the "difficult" environment. Gucci is a division of PPR.
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