Kering grew a little faster than LVMH in 2019, rising by 16.2 percent to €15.88 billion, with a growth of 13.3 percent on a comparable basis. The group’s operating income (Ebit) went up by 19.6 percent to €4.78 billion, resulting in a record margin of 30.1 percent and breaking the 30 percent barrier for the first time and coming close to the recent performance of Hermès. The Ebitda margin went up by 0.6 percentage points to 37.9 percent. Net income rose by 15.1 percent to €3.21 billion.
In spite of political tensions in Hong Kong, particularly in the second half of the year, the group’s total sales in the Asia-Pacific region went up by 20.4 percent, but the overall growth worldwide slowed down to 11.6 percent in the fourth quarter.
While its momentum has slowed down somewhat, Gucci reported a sustained growth of 13.3 percent on a comparable basis for the year, reaching a level of €9.6 billion, and its operating income rose by 19.8 percent to €3.94 billion.
On the same basis, Saint Laurent went up by 14.4 percent. Bottega Veneta returned to growth with a small increase of 2.2 percent. Other brands rose at a strong pace of 17.8 percent, led by Balenciaga and Alexander McQueen.
The group’s retail sales advanced by 14.0 percent at the company’s own stores and online sales jumped by 22.6 percent, while wholesale revenues rose by 10.4 percent.