Kering posts full-year sales drop, as Gucci owner shows impact of Covid-19 disruption

Kering said: “The health and subsequent economic crises caused by the Covid-19 pandemic in 2020 have had major consequences on consumption trends, tourism flows and global economic growth. Along with the luxury sector, the group was deeply impacted by the effects of the pandemic on its customers and its business operations, primarily in the first six months of the year.”

François-Henri Pinault, chief executive of Kering, said: “In a year of disruption, Kering demonstrated remarkable resilience and agility. We achieved a solid top-line recovery in the second half, we protected our margins while continuing to invest in our houses and growth platforms, our cash flow generation remained elevated, and we further strengthened the group’s financial structure.”

The company said that while the current environment remains subject to a number of uncertainties, “the crisis has not called into question the structural growth drivers of the worldwide luxury market”.