Gucci sales rise to pre-pandemic levels as lockdowns ease

Owner Kering’s group revenue in second quarter up 11.2% on same period in 2019

The Italian brand lured young shoppers with its social media campaigns. Photograph: Andrey Rudakov/Bloomberg

The Italian brand lured young shoppers with its social media campaigns. Photograph: Andrey Rudakov/Bloomberg

 

Sales at Gucci soared above pre-pandemic levels as the Italian brand lured young shoppers with its social media campaigns and benefited from easing lockdown restrictions.

Gucci revenue jumped 86 per cent on a comparable basis during the second quarter, owner Kering said in a statement on Tuesday. Analysts had expected a 77 per cent gain. The performance at Gucci pushed total group revenue in the quarter up 11.2 per cent from the same period in 2019.

Kering follows LVMH and Cartier owner Richemont in publishing stellar results as consumers across the world spend their savings accumulated during lockdowns on luxury handbags, shoes and jewellery. Like those companies, Kering was helped by an easy comparison with 2020, when many shops were shut.

All houses contributed to the result, with quarterly sales at Yves Saint Laurent and Bottega Veneta jumping 118.5 per cent and 69 per cent, respectively, on a comparable basis. Balenciaga and Alexander McQueen also recorded “outstanding performances,” the company said.