An excellent first-half performance - Refocused on Luxury, Kering further enhances its potential for growth and value creation


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    • An excellent first-half performance - Refocused on Luxury, Kering further enhances its potential for growth and value creation

    An excellent first-half performance - Refocused on Luxury, Kering further enhances its potential for growth and value creation


    Consolidated revenue in the first half of 2018: €6,432 million,


    up 26.8% as reported and 33.9% on a comparable basis


    Record-high recurring operating income: €1,772 million, up 53.1%


    Recurring operating margin up 470 basis points to 27.5%


    Net income, Group share: €2,360 million, up 185.7%


    Kering achieved dazzling top-line and earnings performances in the quarter and six months. Our growth, grounded in the exclusivity and desirability of our brands, is remarkably healthy. The development model we implement across our Houses paves the way for increased value creation as well as profitable, sustained and consistent organic growth. While facing increasingly demanding comps and an uncertain global environment, we will once again substantially enhance our financial and operating performances in 2018.


    François-Henri Pinault, Chairman and Chief Executive Officer


    Sharp outperformance versus the industry as a whole, with total revenue for the Group’s Houses up 33.9% on a comparable basis. Recurring operating margin for the Houses tops 30% for the first time ever


    Gucci: record-high recurring operating margin (38.2%), driven by further excellent, healthy revenue growth (44.1% on a comparable basis)


    Yves Saint Laurent: ongoing strong growth momentum, with sales up 19.7% on a comparable basis


    Bottega Veneta: a mixed picture, with comparable sales edging down 0.9%; appointment of a new Creative Director


    Other Houses: sharp year-on-year revenue increase (up 36.5% on a comparable basis), led by Balenciaga’s excellent sales rise and a faster pace of growth for Alexander McQueen


    NB. Stella McCartney, Volcom and Christopher Kane are presented as Discontinued operations for the first half of 2018 in accordance with IFRS 5. PUMA's results are presented as Discontinued operations in accordance with IFRS 5 through May 16, 2018, when the exceptional dividend in kind of PUMA shares was distributed to Kering shareholders, and as an equity-accounted company from that date onwards.


    Key financial indicators


    Consolidated revenue for the first half of 2018 amounted to €6,431.9 million, up an outstanding 26.8% as reported and 33.9% based on a comparable Group structure and exchange rates. This sharp year-on-year increase was driven by extremely strong sales growth in both mature and emerging markets, with comparable increases of 45.4% in North America, 25.1% in Western Europe, 37.6% in Asia Pacific (excluding Japan) and 30.7% in Japan.


    Kering’s gross margin for the first half of 2018 came to €4,776.3 million, up 30.0% on the same period of 2017.


    Recurring operating income hit a record high of €1,771.9 million, up 53.1% year on year, and consolidated recurring operating margin advanced 470 basis points to 27.5%.


    EBITDA(1) jumped 47.6% to €2,021.6 million in first-half 2018 and the EBITDA margin widened by 440 basis points to 31.4%.


    Net income, Group share surged 185.7% to €2,359.6 million. Earnings per share stood at €18.74 versus €6.55 for first-half 2017. Recurring net income, Group share came to €1,262.2 million (up 54.9%) and net income from discontinued operations totalled €1,148.2 million, primarily from the capital gain resulting from the loss of control of PUMA.


    (1) EBITDA: recurring operating income plus net charges to depreciation, amortisation and provisions on non-current operating assets recognised in recurring operating income. See reconciled data in the consolidated financial statements in the 2018 First-Half Report.




    An audiocast for analysts and investors will be held at 6.00pm (CEST) on Thursday, July 26, 2018. It may be accessed here. The slides (PDF) will be available ahead of the audiocast at


    The audiocast will also be available by phone, using one of the dial-in numbers below:


    France +33 (0)1 76 77 22 57


    United Kingdom +44 (0)330 336 9411


    United States +1 929 477 0324


    Access code: 9088942


    A replay of the audiocast will also be available at


    About Kering


    A global Luxury group, Kering manages the development of a series of renowned Maisons in Fashion, Leather Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear. By placing creativity at the heart of its strategy, Kering enables its Maisons 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 2017, Kering had nearly 29,000 employees and restated revenue of €10.816 billion.






    Emilie Gargatte +33 (0)1 45 64 61 20


    Astrid Wernert +33 (0)1 45 64 61 57




    Claire Roblet +33 (0)1 45 64 61 49


    Laura Levy +33 (0)1 45 64 60 45



    Twitter: @KeringGroup


    LinkedIn: Kering


    Instagram: @kering_official


    YouTube: KeringGroup


    Download the press release (.pdf 616.25 KB)