KERING
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 Reference Document (Document de Référence) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on April 9, 2014 which is available on Kering's website at www.kering.commay 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 the Luxury Goods and Sport & Lifestyle 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
2014 sales. 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. READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION.
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Q 1 1 4 r e v e n u e
Retail trends propelling momentumRevenue in €m
Change (%) Q1 14 RevenueLuxury: focus on retail excellence and organic growth
- Solid outcome in retail, up 13%, showing a sequential improvement, with all regions posting positive growth
- Promising retail trends at Gucci
- Lower wholesale sales due to phasing impacts and enhanced control over distribution
Sport & Lifestyle: Encouraging trends in the quarter across all brands
- Puma sales nearly in line with Q1'13 at -0.4%
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(*) : at constant scope and exchange rates
Luxury
Q 1 2 0 1 4 r e v e n u e : 1 , 6 0 1 M €
+ 6 . 3 % c o m p a r a b l e ; + 5 . 1 % r e p o r t e dX%: comparable growth
+38%
+10%
+38%
(8%)
€ 1,601m
Other Countries
8%
Western
Europe
31%
€ 1,523m
+6%
+8%
Retail: +13%
10%
8%
7% 8%
13%
Asia Pacific
32%
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Q1 2013 | Western | North | Japan | Asia | Other | Wholesale | Q1 2014 | Japan | North America |
Europe | America | Pacific | Countries | 12% | 17% |
Acceleration in retail performance, up 13%: highest growth since Q4'12
Solid, well-balanced retail trends across all key regions: + 14% in mature markets, + 12% in emerging markets
Wholesale sales down, reflecting strategic move towards increased share of directly operated distribution
1,157 DOS as of March 31, 2014 (8 net openings, of which 5 buybacks in Russia at Gucci)
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X%: comparable growth
Q 1 2 0 1 4 r e v e n u e : 838 M €
+ 0 . 3 % c o m p a r a b l e ; - 3 . 2 % r e p o r t e d€ 866m
(2%)
+3%
+32%
+2%
+23%
Other Countries
7%
Western
Europe
26%
Retail: +6%
(19%)
€ 838m
Q1 2013 Western
Europe
North
America
Japan Asia
Pacific
Other
Countries
Wholesale Q1 2014
Asia Pacific
37%
Japan
12%
North America
18%
Further implementation of brand elevation strategy: focus on retail excellence driving sales
- Best retail sales growth since Q2'13
- Wholesale down as anticipated with discontinuation of certain operations and buybacks in FY'13 and in Q1'14
Strong performances in handbags (+12% y-o-y in retail), with further ASP increase
Key retail highlights by region:
- Another quarter of solid progression in Japan, fueled by Leather Goods, reflecting Gucci's successful strategic implementation in a highly sophisticated market
- Western Europe contrasted, North America resilient, encouraging trends in APAC
475 DOS as of March 31, 2014 (1 net opening, 6 refurbishments in the quarter)
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Q 1 2 0 1 4 r e v e n u e : 2 5 1 M €
+ 1 4 . 6 % c o m p a r a b l e ; + 9 . 5 % r e p o r t e dX%: comparable growth
+42%
+17%
+13%
(1%)
€ 251m
Other Countries
3%
Western
Europe
24%
€ 229m
+10%
+5%
Retail: +18%
Asia Pacific
43%
North America
12%
Q1 2013 | Western | North | Japan | Asia | Other | Wholesale | Q1 2014 | Japan |
Europe | America | Pacific | Countries | 18% |
Buoyant retail trends, consistent with previous quarters
Sustained growth across all regions, including Mainland China (+22%)
Key highlights by product categories:
- Very solid performance of leather goods, both iconic lines and recently introduced styles
- Strong trends in footwear and across all Men's lines (35% of sales)
226 DOS as of March 31, 2014 (5 openings)
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X%: comparable growth
Q 1 2 0 1 4 r e v e n u e : 158 M €
+ 2 7 . 1 % c o m p a r a b l e ; + 2 4 . 2 % r e p o r t e d€ 127m
+53%
+62%
+74%
+69% x5
(11%)
€ 158m
Asia Pacific
23%
Other Countries
9%
Western
Europe
40%
Retail: +72%
Japan
9%
North America
19%
Another quarter of sharp acceleration in retail revenue across all regions, with outstanding growth in
Ready-to-Wear and Leather Goods
- Retail now representing 62% of revenues
- Wholesale revenue drop due to phasing of deliveries in Q1'13
- Perfume & Cosmetics license revenue down 7%
119 DOS as of March 31, 2014 (4 net openings)
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Other Luxury brands
X%: comparable growth
Q 1 2 0 1 4 r e v e n u e : 3 5 4 M €
+ 7 . 9 % c o m p a r a b l e ; + 1 7 . 4 % r e p o r t e d+2%
€ 354m (*)
Other Countries
10%
€ 301m
+6%
+9% +39%
Retail: +17%
+32%
+14%
Asia Pacific
17%
Western
Europe
45%
Japan
10%
North America
18%
Fashion & Ready-to-Wear brands:
- Good momentum, with UK designers brands up double-digit
Watches & Jewelry brands:
- Solid performance towards the end of the quarter ; Boucheron confirming strong momentum
337 DOS as of March 31, 2014 (2 net closings)
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(*) : including Pomellato group consolidation since 1st of July 2013
Sport & Lifestyle
X%: comparable growth
Q 1 2 0 1 4 r e v e n u e : 7 9 0 M €
- 0 . 2 % c o m p a r a b l e ; - 6 . 3 % r e p o r t e d€ 843m
Other
€61m
-2%
+1%
-3%
+0%
+2%
€ 790m
Other
€60m
Asia Pacific
13%
Other Countries
20%
Western
Europe
34%
Puma
€782m
Puma
€730m
Japan
8%
North America
25%
Puma revenues broadly stable (-0.4%), both in wholesale and retail
- Footwear down but encouraging signs from recent launches (EvoPOWER boot) and renewed product line-up (Faas running collection, A/W 2014)
- Improving sell through
- Promising initial results of recently launched distribution initiatives: more than 100 Puma Labs at Foot Locker opened in
Q1'14
Other brands : Better trends at Volcom, notably in Europe; Electric performing strongly in new categories and styles.
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GUCCI · BOTTEGA VENETA · YVES SAINT LAURENT · ALEXANDER McQUEEN
BALENCIAGA · BRIONI · CHRISTOPHER KANE · McQ · STELLA McCARTNEY · SERGIO ROSSI · BOUCHERON · DODO · GIRARD-PERREGAUX · JEANRICHARD · POMELLATO · QEELIN PUMA · VOLCOM · COBRA · ELECTRIC · TRETORN
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