Gucci sales rise helps owner Kering to higher earnings

AP News
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Posted: Feb 19, 2016 7:09 AM
Gucci sales rise helps owner Kering to higher earnings

PARIS (AP) — The French luxury group Kering, owner of brands like Gucci and Yves Saint Laurent, saw its earnings rise last year as demand in Europe and Japan offset a decline in struggling developing economies in Asia and Latin America.

The Paris-based company said its net income rose to 696 million euros ($771 million) in 2015 from 528 million euros a year earlier. Revenue increased 15 percent to 11.58 billion euros.

Sales rose for Gucci, which had lagged in recent quarters, as well as for other major brands, including Puma streetwear.

CEO and Chairman Francois-Henri Pinault noted Friday that the improvements come despite "a more complex economic and geopolitical environment."

He expects more growth in 2016, despite the financial turmoil in many high-growth markets, particularly China.