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kering news and archive

Fashion

From farm to closet: How some brands are embracing regenerative production

When luxury companies began buying factories to keep artisan skills alive, it was a passive move into sustainability. It was also a way to stifle competition, where brands have priority ownership over their supply chains. Safeguarding craftsmanship From a craftsmanship point of view, hand-made products hold their own unique value, and remain...

30 Apr 2021

Business

Strong Gucci sales drive Kering rebound to pre-Covid revenue

Italian luxury label Gucci has helped drive a rebound in the revenue of its parent company Kering to pre-Covid levels in the first quarter of the year. The French luxury group’s revenue rose 25.8 percent to 3.89 billion euros on a comparable basis, ahead of analysts’ estimates. It is another indication that the luxury industry is beginning to...

21 Apr 2021

Business

Resale platform Vestiaire Collective secures Kering investment

Pre-owned clothing platform Vestiaire Collective has announced the completion of a new 178 million euro (216 million dollar) financing round backed by Gucci-owner Kering and US-based hedge fund Tiger Global Management. Kering chairman François-Henri Pinault described the fast-growing resale market as a “real and deeply rooted trend” as his...

2 Mar 2021

Business

Kering FY2020 revenues drop by 17.6 percent

Total revenue generated by Kering’s Houses in 2020 amounted to 12,676.6 million euros, down 17.6 percent reported and 16.5 percent on a comparable basis. The company said in a statement that while the health crisis and lockdown measures took a heavy toll on the Houses’ first-half sales (down 30.2 percent), the situation improved significantly in...

18 Feb 2021

Business

Kering looks to rebound after 2020 coronacrisis

French luxury goods group Kering, home to brands such as Gucci and Yves Saint Laurent, said Wednesday a positive performance in North America and Asia helped it weather the coronavirus crisis last year. Sales fell 17.5 percent to 13.1 billion euros (15.8 billion dollars) last year but the group still posted a net profit of 2.15 billion euros,...

17 Feb 2021

Business

Luxury giant Kering under investigation for tax fraud

Luxury group Kering, which owns Yves Saint Laurent among other top brands, has been under investigation since February 2019 for tax fraud, the French financial prosecutor's office said Wednesday. It confirmed a report by the Mediapart news agency, which said Kering had set up a system which enabled it to declare in Switzerland activities in...

16 Dec 2020

Fashion

Balenciaga debuting fall collection via video game

Balenciaga is taking a very unconventional approach to its fall/winter 2021 collection. This time the Kering-owned brand will be showcasing their latest collection via video game. The video game will be called “Afterworld” and will be released on December 6. The game will be set in the year 2031. The clothes will be futuristic inspired....

27 Nov 2020

Business

Kering's luxury houses report positive sales growth in Q3

Kering’s consolidated revenue in the third quarter totalled 3,717.7 million euros, down 4.3 percent as reported and 1.2 percent on a comparable basis. This performance, the company said, represents a sharp rebound compared with the year-on-year contraction of 43.5 percent as reported and 43.7 percent on a comparable basis posted in the second...

23 Oct 2020

Retail

Bolt Threads announces exclusive partnerships to introduce Mylo

Adidas, Kering, Lululemon and Stella McCartney have united with Bolt Threads to usher in a more sustainable future for fashion. The consortium is the largest joint development in consumer biomaterials to date. Bolt Threads is on a mission to harness the underground structure of mushrooms as it is an infinitely renewable resource. The material,...

6 Oct 2020

Business

Kerby Jean-Raymond partners with Kering on new venture

American fashion designer Kerby Jean-Raymond, founder of Pyer Moss, has announced a new venture with French luxury conglomerate, Kering. The new platform, Your Friends in New York is designed to “empower the next generation of innovators,” according to the press release and is a venture that goes beyond fashion. Your Friends in New York (YFINY)...

10 Sep 2020

Retail

Why Gen Y & Z continue shopping despite crisis

Closed stores and strict hygiene measures are the images that have gone around the world since the outbreak of the coronavirus pandemic. Even though stores have reopened in many places, full purchasing power has not yet returned. However, the internet generation does not seem to be affected by this and continues to go on shopping sprees, online...

27 Aug 2020

People

Kering appoints Emma Watson to board of directors

The shareholders of French luxury conglomerate Kering, which includes luxury fashion brands like Gucci, Bottega Veneta, Alexander McQueen, Yves Saint Laurent and Balenciaga, have approved the appointment of actor Emma Watson as director during their annual general meeting on 16th June 2020. They also appointed Jean Liu, president of “Chinese...

17 Jun 2020