What recession? Luxury brands Alexander McQueen and Stella McCartney spur PPR sales surge
Friday 15 February 2013
British luxury brands Alexander McQueen and Stella McCartney helped French group PPR post a 28% jump in net profit for 2012.
The two fashion brands were part of a group of 11 that together reported a 20% sales jump for the fourth quarter.
Chief executive François-Henri Pinault said the luxury division, which includes its three big-name fashion houses — Gucci, Bottega Veneta and Yves Saint Laurent — had beaten sales forecasts, offsetting the weaker sports and lifestyle division, which suffered at the hands of disappointing profits at Puma.
The group reported net profit for the year of €1.27 billion (£1 billion) on sales up 21 per cent to €9.7 billion, while operating profit soared 19 per cent to €1.79 billion.
The smaller brands’ 20% sales jump beat Gucci’s 8.2% for the final quarter.
The French group founded by Mr Pinault’s father, François, started life as a timber and building supplier but reinvented itself as a retail business in the 1990s.
It is now focused on growing its luxury division which started with the acquisition of Gucci in 1999.
It has 14 luxury brands and recently bought a 51% stake in Scottish designer Christopher Kane, which is based in London and will show at London Fashion Week on Monday.
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