2023 was a difficult year for the group Kering which now aims to revitalize the iconic maison of Gucci. The French luxury giant closed 2023 with revenues down by 4% equal to 19,6 billion euros, while theNet income of relevance fell by 17% to 3 billion. Recurring operating profit fell by 15% to 4,7 billion for a revenue margin that fell to 24,3% from 27,5% in 2022. Among the Group's major brands, Gucci showed revenues down 2023% to 6 billion in 9,9, Yves Saint Laurent revenues of 3,2 billion euros, down 4%, and those of Bottega Veneta equal to 1,6 billion euros, down 5%.
In the fourth quarter of 2023 alone, revenues decreased by 6% to 4,967 billion, with Gucci -8% to 2,528 billion. Geographically, the group's revenues grew in the Asia-Pacific region and Japan, while trends in Western Europe and North America improved sequentially
In a note the group underlines that the calculation of revenues includes the significant impacts deriving from changes in exchange rates and the consolidation area (-4% and +2% respectively) and down by 2% on a comparable basis.
“In a difficult year for the group, we have strengthened our organization and taken significant steps to further improve the visibility and exclusivity of our Maisons – said the CEO Francois-Henri Pinault. “Our goal is revitalize Gucci, taking advantage of the unique blend of craftsmanship, Italian tradition and modernity that characterizes this iconic maison. The launch of Kering Beauté and the acquisition of Creed, a historic manufacturer of high-end fragrances, will allow us to capture our share of the ever-growing beauty market.”
“In a market context that remains uncertain at the beginning of 2024, our continued investments in our Houses will put pressure on our results in the short term – he added – Thanks to the experience gained within the group over a decade of exceptional expansion, we are confident of achieving our long-term ambitions.”
