Excellent 2021 performances, well ahead of 2019 levels



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    • Excellent 2021 performances, well ahead of 2019 levels

    Excellent 2021 performances, well ahead of 2019 levels


    Sharp growth in Group revenue to €17,645 million

    up 35% as reported and on a comparable basis

    up 13% from 2019


    Record recurring operating income, up 60%


    Net income attributable to the Group: €3,176 million

    Recommended ordinary dividend up 50% to €12 per share




    “Kering realized excellent performances in 2021, further consolidating its prominent position in the Luxury of the future. Thanks to their ability to blend authenticity with bold creativity, all our Houses achieved sharp sales rebound, way beyond their 2019 levels, while reinforcing the exclusivity of their distribution and further enhancing their brand equity. We expanded our team of talented people around the world, and I am sincerely grateful for the remarkable accomplishments of all our colleagues. We are working assiduously to meet our ambitious sustainability commitments. All our Houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years.”


    François-Henri Pinault, Chairman and Chief Executive Officer




    - The Group achieved record revenue in 2021, up 35% on a comparable basis compared to 2020 and significantly higher than in 2019 (up 13%). Recurring operating income rose sharply, up 60% relative to 2020, to reach a new record of €5,017 million. Recurring operating margin, at 28.4%, retrieved a high level.

    - Growth was driven by outstanding performances from all Houses, which generated revenue of €17,019 million, up 34% as reported and up 35% on a comparable basis.

    In the retail network (including e-commerce):

      • Revenue was 40% higher than in 2020 on a comparable basis, supported by a sharp rebound in all regions, and 18% higher than in 2019. Sales growth accelerated in the fourth quarter of 2021, rising by 39% relative to 2020 and 34% relative to 2019 on a comparable basis.
      • Online sales continued to grow at an exceptional pace, up 55%. The online channel’s penetration rate doubled in two years, and it now accounts for 15% of total sales in the retail network.

    Wholesale revenue was up 17% on a comparable basis year-on-year. Relative to 2019, it was down 3%, in line with the Group’s increasingly exclusive approach to distribution.

    Recurring operating income from the Houses was €5,175 million. Recurring operating margin exceeded 30%, while all Houses continued to invest significantly in their operations.



    Gucci: a year of sustained growth further extending the brand’s authority


    In 2021, Gucci’s revenue amounted to €9,731 million (up 31% both as reported and on a comparable basis), exceeding the 2019 level even as the House nearly completed the streamlining of its wholesale operations. Sales generated in the retail network grew 37% on a comparable basis compared to 2020, and by 10% relative to 2019. As part of the overhaul of Gucci’s distribution, wholesale revenue fell 10% year-on-year and 39% relative to 2019.


    In the fourth quarter of 2021, Gucci’s revenue growth accelerated sharply to 32% year-on-year and 18% compared to the same period of 2019. This was down to the success of its iconic lines, along with an intense schedule of events and new product launches. Sales from directly operated stores rose by 35% relative to the fourth quarter of 2020 and by 25% versus the same period in 2019.


    Gucci’s recurring operating income totaled €3,715 million in 2021, 42% higher than in 2020. Recurring operating margin was particularly solid at 38.2% in 2021, while the House kept up the pace of its investments and clienteling initiatives.




    Yves Saint Laurent: record performances, confirming its exceptional long-term growth trajectory


    Yves Saint Laurent’s 2021 revenue amounted to €2,521 million, an increase of 45% as reported and 46% on a comparable basis. Sales from directly operated stores grew sharply in 2021, up 55% compared to 2020 and 35% over two years. Wholesale revenue was 23% higher than in 2020 and 6% higher than in 2019, as the House also started streamlining its third-party distribution.


    In the fourth quarter, revenue growth accelerated again to 47% year-on-year on a comparable basis. Sales from directly operated stores rose by 61% relative to the same period in 2019.


    Yves Saint Laurent achieved recurring operating income of €715 million in 2021, taking recurring operating margin to a record 28.3%.




    Bottega Veneta: major new milestones


    Bottega Veneta’s 2021 revenue exceeded €1.5 billion. On top of a high comparison base in 2020, revenue grew 24% as reported and 25% on a comparable basis, and was up 32% on a comparable basis relative to 2019. Sales from directly operated stores were very strong, up 29% year-on-year on a comparable basis. Wholesale revenue was up 16% year-on-year on a comparable basis.


    In the fourth quarter of 2021, revenue rose 14% year-on-year on a comparable basis and 31% relative to the same period in 2019.


    Bottega Veneta’s 2021 recurring operating income totaled €286 million, and its recurring operating margin rose to 19.1%.




    Other Houses: outstanding growth, confirming their exceptional potential


    Kering’s Other Houses generated 2021 revenue of €3,264 million, up 43% as reported and 44% on a comparable basis, around €1 billion in additional revenue compared to 2020. Sales from directly operated stores rose very sharply in 2021, up 46% year-on-year and up 40% compared to 2019. Wholesale revenue rose by 40% relative to 2020.


    Once again, Balenciaga and Alexander McQueen delivered excellent performances, and all Jewelry Houses had an exceptional year: Boucheron enjoyed success in new markets, Pomellato continued to grow at an exceptional pace, and Qeelin saw very rapid expansion.


    Fourth quarter 2021 sales were up 34% on a comparable basis, with sales from directly operated stores accelerating sharply (up 60% year-on-year).


    The Other Houses’ 2021 recurring operating income was 2.5 times the 2020 level, at €459 million. Recurring operating margin was 14.1%.




    Corporate and other


    In 2021, revenue from the Corporate and other segment totaled €626 million, an increase of 48% as reported and 43% on a comparable basis. Kering Eyewear’s contribution, after eliminating intra-group sales and royalties paid to the Houses and including Lindberg’s revenue from October 1, 2021, rose to €599 million, a sharp 45% increase on a comparable basis.


    Net costs recorded by the Corporate and other segment for 2021 came to €158 million, a decrease of €74 million from 2020, largely reflecting the significant increase in Kering Eyewear’s contribution.




    Financial performance


    Net financial expense totaled €273 million in 2021, a year-on-year improvement of 20%. This includes the cost of net debt, which fell 12% year-on-year to €38 million.


    The effective tax rate on recurring income was 27.5%.





    In its February 16, 2022 meeting, Kering’s Board of Directors decided to ask shareholders to approve a cash dividend of €12 per share at the Annual General Meeting to be held on April 28, 2022 to approve the financial statements for the year ended December 31, 2021.

    An interim dividend of €3.50 per share was paid on January 17, 2022.





    A major player in a fast-growing market around the world, Kering enjoys solid fundamentals and a balanced portfolio of complementary brands with strong potential. Its strategic priorities are straightforward. The Group and its Houses seek to achieve same-store revenue growth while ensuring the targeted and selective expansion of their retail networks. Kering aims to grow its Houses in a sustainable manner, enhance the exclusivity of their distribution and secure their profitable growth trajectories. The Group is also investing proactively to develop cross-business growth platforms in the areas of e-commerce, omnichannel distribution, logistics and technological infrastructure, digital expertise and innovative tools.


    The 2020 public health crisis and subsequent economic disruption have had major consequences on consumption trends, tourism flows and global economic growth. Together with the whole luxury sector, the Group was profoundly impacted by the effects of the pandemic in the first six months of 2020. More favorable trends, which emerged in the second half of 2020, were confirmed in 2021. Although these trends remain conditioned by developments in the health situation and associated restrictions across countries, the luxury market witnesses a significant rebound, driven by consumer appetite for premium goods.


    Kering is perfectly positioned to fully benefit from this upturn. The Group pursues the implementation of its strategy with determination and will continue to manage and allocate its resources to best support its operating performance, continue generating significant cash flow, and optimize its return on capital employed.


    Thanks to its strong business and organizational model, along with its robust financial position, Kering is confident in its growth potential for the medium and long term.





    At its February 16, 2022 meeting, Kering’s Board of Directors, chaired by François-Henri Pinault, approved the consolidated financial statements for 2021. The consolidated financial statements have been audited and are in the process of being certified.




    About Kering


    A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, as well as Kering Eyewear. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s Luxury in a sustainable and responsible way. We capture these beliefs in our signature: “Empowering Imagination”. In 2021, Kering had over 42,000 employees and revenue of €17.6 billion.






    Emilie Gargatte                      +33 (0)1 45 64 61 20               emilie.gargatte@kering.com

    Marie de Montreynaud          +33 (0)1 45 64 62 53             marie.demontreynaud@kering.com 



    Claire Roblet                            +33 (0)1 45 64 61 49                 claire.roblet@kering.com

    Laura Levy                               +33 (0)1 45 64 60 45                 laura.levy@kering.com