French luxury group Kering has reported a strong recovery in sales of high-end goods in the third quarter of 2020. The company benefited from increased demand in Asia and the US, leading to a marginal change in comparable sales from the previous year. This positive trend is a welcome sign for Kering, which, like many other luxury retailers, faced significant losses during the lockdowns implemented to combat the coronavirus pandemic.

The gradual reopening of stores and easing of lockdown measures in the summer allowed Kering to rebound in sales. This recovery was driven by the strong performance of fashion labels within its brand portfolio, such as Bottega Veneta, which experienced notable growth. However, despite the overall improvement, Kering’s star brand, Gucci, underperformed compared to its rivals. Gucci, previously one of the fastest-growing luxury brands, suffered an 8.9% decline in comparable sales during the third quarter.

Kering acknowledges the uncertain outlook caused by ongoing global travel restrictions and the implementation of new lockdown measures in Europe. While the company has shown resilience in bouncing back from the initial impact of the pandemic, it remains cautious about the future. The unpredictable nature of the situation poses challenges for luxury retailers, and Kering understands the need to remain adaptable and agile in these turbulent times.

With the recovery in sales, Kering is cautiously optimistic about the coming months. The company continues to explore innovative ways to reach customers, including enhancing its online presence to meet changing consumer behaviors. By embracing digital platforms, Kering aims to remain accessible to its global customer base, even amidst travel restrictions and limited physical shopping experiences.

Useful links:
1. Kering – Official website of Kering, providing information about the company’s brands, history, and recent updates.
2. Gucci – Official website of Gucci, offering a range of luxury fashion products and showcasing the latest collections.