In the first half of fiscal year 2024, Gucci generated revenues of €4.1 billion, down 20% on a reported basis and down 18% on a comparable basis. Sales from the directly operated retail network fell by 20% on a comparable basis, while wholesale revenues decreased by 9%. Gucci's recurring operating revenues amounted to €1 billion, with a recurring operating margin of 24.7%, the company said in a press release.
French luxury brand Kering posted revenue of €9 billion (about $9.76 billion) in the first half of fiscal year 2024, down 11%. Gucci's revenue fell 20% to €4.1 billion. Bottega Veneta posted a 3% rise on a comparable basis to €836 million. Revenue at other fashion houses fell 7% to €1.7 billion in the first half of fiscal year 2024. Revenue for the second quarter of fiscal year 2024 was €4.5 billion.
Bottega Veneta has posted a record first half of the year, with revenue of €836 million, unchanged from what was reported and up 3% on a like-for-like basis. The directly operated retail network recorded an 8% increase in like-for-like sales, while wholesale revenues fell 19%. The house’s recurring operating income for the first half of FY24 was €121 million, with a recurring operating margin of 14.5%.
In the first half of 2024, revenues from Kering's other brands amounted to €1.7 billion, down 7% on a published basis and down 6% on a comparable basis. Sales from the directly operated retail network increased by 1% on a comparable basis, while revenues from wholesale decreased by 21%.
In the second quarter of fiscal year 2024 (Q2 FY24), Kering's revenues amounted to €4.5 billion, reflecting a decrease of 11% on a like-for-like and data basis. This decrease includes a negative currency effect of 1% and a positive scope effect of 1% due to the consolidation of Creed. Sales of the directly operated retail network fell by 12% on a like-for-like basis, impacted by lower store traffic.
Gucci sales fell 19 percent on a comparable basis in the second quarter of fiscal year 2024, with a 20 percent decline in the directly operated retail network. Performance across all regions remained consistent with the previous quarter, with a significant decline in Asia-Pacific.
Bottega Veneta's revenues increased 4 percent on a comparable basis in the second quarter of fiscal year 2024. The directly operated retail network saw a 7 percent increase in comparable sales, driven by double-digit growth in Western Europe and North America, as well as strong momentum in the Middle East.
Sales in Asia-Pacific remained stable. Wholesale sales revenues decreased by 13 percent. Sales of Kering's other houses in the second quarter of fiscal year 2024 decreased by 5 percent on a comparable basis. Sales of the directly operated retail network remained stable on a comparable basis year-on-year.
“In a challenging market environment, which increases pressure on our revenues and profitability, we are working tirelessly to create the conditions for a return to growth. Our brands are continuing their investments to enrich their offering, intensify the impact of their communications and reinforce the exclusivity of their distribution. We are ensuring that each of these investments generates long-term value. While the current context may affect the pace of our execution, our determination and confidence are stronger than ever,” he said. Francois-Henri Pinault, President and CEO.
Fibre2Fashion (DP) Press Desk
