Gucci owner hails 'remarkable' year as sales soar

Luxury group Kering has hailed a 'remarkable' year after rapid growth on the back of demand for Gucci in Asia and North America.

The French conglomerate, which has a stable of fashion brands including Alexander McQueen and Saint Laurent, saw organic revenue rise by 23.3% in the final quarter to €3.7 bn, beating analyst expectations.

Overall revenue for the year was up 29.4% to €13.7 bn.

More than half of this was accounted for by star brand Gucci, which topped €8bn of revenue last year.

Demand in the Asia-Pacific region powered growth, with sales up 45%. North America was close behind with a 43.6% increase.

Gucci's overall growth in the final quarter slowed slightly to 33.4% after seven consecutive quarters of growth above 35%.

Francois-Henri Pinault, chairman and chief executive of Kering, said: "Our healthy, balanced and profitable growth reflects skilful execution of our strategy, rigorous financial discipline, and a shared culture emphasising responsibility and commitment.

"Having worked throughout the year to strengthen the Group and its brands, we have the ambition and the means to sustain our profitable growth momentum."

The company's luxury peers - LVMH and Hermes - have also reported strong quarterly figures, dispelling fears that slower economic growth in China would dampen demand for high-end labels.

-Press Association