Kering Q1 Report 2023

In the first quarter of 2023, the Group’s revenue grew by 2% as reported and by 1% on a comparable basis, with trends improving throughout the period.

• Revenue in the directly operated store network, including e-commerce, rose by 4% on a comparable basis, with all Group Houses contributing to the growth. The increase was driven by good momentum in Western Europe and Japan. Revenue was down in North America but resumed growth in Asia-Pacific due to the gradual recovery of the Chinese market.
• Wholesale and other revenue was down 10% on a comparable basis, as the Group’s Houses continue to reduce the share of wholesale in their distribution.