First Quarter revenue 2016 - 21 April 2016 2021 first quarter revenue April 20, 2021 - West Corporation
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2016
First Quarter
revenue
21 April 2016 2021 first quarter revenue
April 20, 2021
DISCLAIMER This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information contained in this document may include projections and forecasts. They express objectives based on current assessments and estimates of the Group’s executive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures and assessments may differ significantly from projected figures. The following factors among others set out in the Universal Registration Document (Document d’Enregistrement Universel) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on March 25, 2021 which is available on Kering’s website at www.kering.com may cause actual figures to differ materially from projected figures: any unfavourable development affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by our Luxury brands, the events, crises, fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projections and forecasts, or their impact on the results and perspectives of the Group, which may be contained in this presentation. The information contained in this document has been selected by the Group’s executive management to present Kering’s Q1 2021 revenue. This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of such information. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS PRESENTATION. INFORMATION IN THIS PRESENTATION, INCLUDING FORECAST FINANCIAL INFORMATION, SHOULD NOT BE CONSIDERED AS ADVICE OR A RECOMMENDATION TO INVESTORS OR POTENTIAL INVESTORS IN RELATION TO HOLDING, PURCHASING OR SELLING SECURITIES OR OTHER FINANCIAL PRODUCTS OR INSTRUMENTS AND DOES NOT TAKE INTO ACCOUNT YOUR PARTICULAR INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR NEEDS. BEFORE ACTING ON ANY INFORMATION YOU SHOULD CONSIDER THE APPROPRIATENESS OF THE INFORMATION HAVING REGARD TO THESE MATTERS, ANY RELEVANT OFFER DOCUMENT AND IN PARTICULAR, YOU SHOULD SEEK INDEPENDENT FINANCIAL ADVICE. ALL SECURITIES AND FINANCIAL PRODUCT OR INSTRUMENT TRANSACTIONS INVOLVE RISKS, WHICH INCLUDE (AMONG OTHERS) THE RISK OF ADVERSE OR UNANTICIPATED MARKET, FINANCIAL OR POLITICAL DEVELOPMENTS AND, IN INTERNATIONAL TRANSACTIONS, CURRENCY RISK. READERS ARE ADVISED TO REVIEW THE COMPANY’S UNIVERSAL REGISTRATION DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION.
STRONG REBOUND IN Q1 2021…
GROUP REVENUE LUXURY HOUSES CORPORATE & OTHER
€3,890m €3,727m €163m
o/w Kering Eyewear €156m
+21.4% reported +21.6% reported
+25.8% comparable* +26.0% comparable* +18.6% reported
+22.9% comparable*
SOLID PERFORMANCES CONSISTENT ACROSS HOUSES
( Q 1 2 1 Y o Y C O MP G R O W T H – T O T A L R E V E N U E )
+33%
LUXURY HOUSES
+25% +25%
+23%
Q1 RETAIL (COMPARABLE YoY)
+32%
Gucci YSL Bottega Veneta Other Houses
* At constant scope and exchange rates
20.04.2021 4… WITH REVENUE ABOVE Q1 2019 LEVELS
GROUP REVENUE (in €m & % change)
COMPARABLE
+6% 2Y STACK
+26%
-16% 3,890
Q1 19 Q1 20 Q1 21
LUXURY HOUSES
• ALL BRANDS (* ) ABOVE Q1 19 IN RETAIL
• 2Y STACK +6% IN RETAIL (COMPARABLE)
*except Brioni
20.04.2021 5OVERVIEW
LUXURY HOUSES REVENUE BY CHANNEL
RETAIL (COMPARABLE)
78%
+32%
+32%
-19% 0% -3%
-42%
INCL. E-COMMERCE UP 108%
Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
REVENUE
42%
% 17%
12% 10%
5%
OF WW STORES CLOSED
Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
WHOLESALE AND OTHER (COMPARABLE)
22%
+9% +5%
WHOLESALE ROYALTIES & OTHER
20.04.2021 6LUXURY HOUSES
FOCUS ON RETAIL
BY REGION (COMPARABLE GROWTH)
Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
WESTERN -14%
EUROPE -41% -40% -34%
-66%
+44% +46%
+13%
NORTH
AMERICA -7%
-49%
Q1 Q2 Q3 Q4 FY
JAPAN -3%
-17% -10%
-23%
-62%
+83%
ASIA +18% +17%
PACIFIC
-30% -12%
+20% +24%
+8%
ROW -9%
-70%
20.04.2021 Retail includes DOS and ecommerce 7LUXURY HOUSES
FURTHER E -COMMERCE EXPANSION
ONLINE STRENGTH IN ALL REGIONS
E-COMMERCE COMPARABLE REVENUE GROWTH Q1 21 E-COMMERCE COMPARABLE REVENUE GROWTH
+134%
+108% +114%
+102%
+92%
+72% +72%
+44%
+21%
Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Western Europe North America Asia Pacific Japan
KEY HIGHLIGHTS
• ONLINE PENETRATION ON THE RISE: 14% OF RETAIL SALES IN Q1 21 (+5pp vs. Q1 20)
• PENETRATION PROGRESSING IN ALL REGIONS
20.04.2021 8GUCCI
Q1 2021 REVENUE: €2,168m
+20.2% REPORTED, +24.6% COMPARABLE
REVENUE CHANGE BY REGION AND CHANNEL REVENUE BREAKDOWN BY REGION
(in €m, and comparable growth in %) (on total Q1 revenue, in %)
+34% RoW
+6% 2,168 5% Western Europe
-26% 14%
1,804
Asia Pacific North America
53% 22%
Japan
6%
Q1 2020 Retail Wholesale Royalties and others Q1 2021
INITIATIVES YIELDING SHARP REBOUND
• Retail up 34%
– C a p i t a l i zi n g o n n e wl y e s t a b l i s he d “ a l wa ys - o n ” r h yt h m a n d s t r o n g a c t i v a t i o n s
– T r a c ti o n wi t h l o c a l s , f o c u s o n c l i e n t e l i n g & r e t a i l e x p e r i e nc e s, i n i t i a t i v e s t a i l o r e d t o h i g h - e n d c l i e n t s
– S t r o n g m o m en tum o f B e l o v e d L i n e s a n d N e wn e s s a c r o s s p r o d u c t c a t e g o ri e s
• Ongoing implementation of wholesale rationalization and exclusivity strategy
20.04.2021 9SAINT LAURENT
Q1 2021 REVENUE: €517m
+18.9% REPORTED, +23.4% COMPARABLE
REVENUE CHANGE BY REGION AND CHANNEL REVENUE BREAKDOWN BY REGION
(in €m, and comparable growth in %) (on total Q1 revenue, in %)
+13% +1% 517 RoW
+31% 6%
435
Western Europe
Asia Pacific
28%
32%
Japan
6% North America
28%
Q1 2020 Retail Wholesale Royalties and others Q1 2021
SOLID MOMENTUM CONFIRMED
• Retail up 31%
– I c o n i c p r o d u c t s e n j o yi n g s t r o n g t r a c t i o n f r o m l o c a l c o n s um e rs i n a l l m a r k et s , v e r y p o s i t i v e r e c e p t i o n o f n e w l i n e s
– D o u b l e - d i g i t g r o wt h i n a l l p r o d u c t c a t e g or i e s s h o wi n g u n a b a t ed a p p r e c i at i o n o f t h e S a i n t L a u r e nt s i l h o u e t t e
– I n c r e a s ed m a r k et p e n e t r a ti o n i n A P A C f u e l e d b y g r o wi n g b r a n d a wa r e n e s s a n d n e t wo r k e x p a n s i o n
• Wholesale up 13% driven by positive phasing effect. Ongoing concentration on key accounts
20.04.2021 10BOTTEGA VENETA
Q1 2021 REVENUE: €328m
+19.9% REPORTED, +24.6% COMPARABLE
REVENUE CHANGE BY REGION AND CHANNEL REVENUE BREAKDOWN BY REGION
(in €m, and comparable growth in %) (on total Q1 revenue, in %)
+27% +28% 328
RoW
+24%
9%
274 Western Europe
20%
Asia Pacific
43%
North America
16%
Japan
Q1 2020 Retail Wholesale Royalties and others Q1 2021 12%
SUBSTANTIAL GROWTH ON HIGH COMPS
• Record Q1 fueled by double-digit increases in all categories
• Retail up 24% atop strong Q1 20 in Western Europe and North America
– N e w c l i e n t r e c r u i tm e nt a n d e x i s t i n g c l i e n t r e t e n t i o n we l l b a l a n c e d
– A l l p r o d u c t c a t e g or i es u p d o u b l e d i g i t s , M e n ’ s c o l l e c t i o n s g a i n i n g m o m en tum
– e - c o m m er c e p e r f or m i n g we l l , p l a n n e d Q 2 m i g r a ti o n o n t o i n t e r n a l p l a t f o rm t o p r o v i d e i n c r e m en ta l b o o s t
• Wholesale still growing steadily with selected partners
20.04.2021 11OTHER HOUSES
Q1 2021 REVENUE: €714m
+29.1% REPORTED, +33.1% COMPARABLE
REVENUE CHANGE BY REGION AND CHANNEL REVENUE BREAKDOWN BY REGION
(in €m, and comparable growth in %) (on total Q1 revenue, in %)
+38% +13% 714 RoW
8%
+29%
553
Asia Pacific
32%
Western Europe
34%
Japan North America
6% 20%
Q1 2020 Retail Wholesale Royalties and others Q1 2021
COUTURE & LEATHER GOODS JEWELRY & WATCHES
• Strong double-digit growth in both channels • Very sharp growth on 1Y and 2Y basis
• Balenciaga and Alexander McQueen
• Boucheron expansion plan paying off, high growth in Mainland
– R e s o n a ti n g a c r o s s r e g i o n s , wi t h s t r e n gh te ni n g p o s i t i o n s i n China and Korea. Pomellato rebounding nicely. Outstanding
APAC development of Qeelin confirmed.
– E x p a n d i ng p r o d u c t t e r r i t o r i e s • Watches: positive development with healthy sell-through
20.04.2021 12CONCLUSION
• Sharp Group topline rebound
• Revenue above Q1 19 level despite persistent
SOUND MOMENTUM IN Q1
headwinds
• Initiatives & investments paying off
• Increased control over distribution, wholesale downsizing
• E-commerce internalization almost completed
S T R AT E G I C I N I T I AT I V E S
S O L I D L Y O N T R AC K • Innovation & digital developments
• Implementing logistics & IT backbone roadmap
• Desirability of all our brands
CONFIDENCE IN OUR GROWTH • Continued investments in our Houses and growth
P O T E N T I AL platforms
• Clear strategy and strong execution
20.04.2021 13Q&A
APPENDIX
APPENDIX: LUXURY HOUSES DOS NETWORK
NUMBER OF DIRECTLY OPERATED STORES
As of December 2020: 1,433 As of March 2021: 1,431
663 667
313 310
229 226 228 228
W estern Europe North America Japan Emerging markets
As of end of December As of end of March Net openings/closings
2020 2021 in the quarter
Breakdown by Houses
Gucci 483 477 -6
Saint Laurent 239 243 +4
Bottega Veneta 261 257 -4
Other Houses 450 454 +4
Total Luxury Houses 1,433 1,431 -2
20.04.2021 16Q1 REVENUE AND BREAKDOWN BY REGION
REVENUE BREAKDOWN
BY REGION
(ON TOTAL Q1 REVENUE AND
CHANGE YOY)
In €m Change (%) RoW
7% (+0pt)
Q1 21
Revenue Reported Comparable (*) Western Europe
21% (-13pt)
Gucci 2,168 +20.2% +24.6%
Saint Laurent 517 +18.9% +23.4%
Bottega Veneta 328 +19.9% +24.6%
Other Houses 714 +29.1% +33.1% Asia Pacific
44% (+12pt) North America
Total Houses 3,727 +21.6% +26.0% 22% (+3pt)
Corporate & other 163 +18.6% +22.9%
Japan
Kering total 3,890 +21.4% +25.8% 6% (-2pt)
* : at constant scope and exchange rates
20.04.2021 17Gucci • Saint Laurent • Bottega Veneta • Balenciaga • Alexander McQueen • Brioni
Boucheron • Pomellato • Dodo • Qeelin • Ulysse Nardin • Girard -Perregaux
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