A return to growth at the sportswear brand Puma has helped offset weaker sales of Gucci handbags at the French giant Kering.
The Paris-based owner of luxury and sportswear brands, also including Yves Saint Laurent and Christopher Kane, yesterday revealed a 3.3 per cent rise in third-quarter sales to €2.6bn (£2bn) – in line with expectations.
Sales in its luxury division rose 3.5 per cent on a like-for-like basis, while the previously struggling sportswear division posted a 6.1 per cent rise in comparable sales.
François-Henri Pinault, chairman and chief executive of Kering, said: “Luxury activities held firm in a complex economic environment... [while] sport and lifestyle activities posted positive sales... driven by marketing efforts at Puma, whose relaunch plan is beginning to feed through. Faced with uncertain market conditions, we remain vigilant.”
Gucci, like its rival Louis Vuitton, has suffered from weaker growth in Asia, following a government crackdown on lavish spending in China, and a move away from logo-heavy designs.
Gucci sales fell 1.6 per cent during the period but it has restructured its brand, selling fewer bags with large logos and launching a collection of more exclusive products to prevent the brand from becoming ubiquitous.