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THIRD QUARTER REVENUE
OCTOBER 19, 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 Q3 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,
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TRANSACTIONS INVOLVE RISKS, WHICH INCLUDE (AMONG OTHERS) THE RISK OF ADVERSE OR UNANTICIPATED MARKET, FINANCIAL OR
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COMPANY’S UNIVERSAL REGISTRATION DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR
OTHER DECISION.
GROUP
LUXURY
HOUSES
19.10.2021 4
GROUP REVENUE
YTD Q3
€11,750m
+36% comparable YoY
+8% comparable 2Y stack
€4,042m
+12% comparable YoY
+9% comparable 2Y stack
9M 19 9M 20 9M 21
+9%(comp, 2Y stack)
+26%
+95%
+12%
Q121
Q221
Q321
YoYCOMPARABLE
+6%
+11%
+8%
+10%
Q121
Q221
H121
Q321
2Y STACK COMPARABLE
€4,188m+12.6% reported
YoY
€12,235m+34.5% reported
+36.6% comp
YoY
comparable : at constant scope and exchange rates
-19%-42%
0%
-3%
+32%
+98%
+12%
Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21
19.10.2021 5
LUXURY HOUSESQ3 REVENUE BY CHANNEL
RETAIL
(COMPARABLE)
WHOLESALE AND OTHER
(COMPARABLE)
23%
77%
+10% WHOLESALE +37% ROYALTIES & OTHER
2Y STACK
+6%
Retail includes DOS and e-commerce
2Y STACK
+16%2Y STACK
+11%
19.10.2021 6
LUXURY HOUSESQ3 RETAIL BY REGION
WESTERN EUROPE
+46%
+263%
+31%
+83%+53%
+1%
NORTH AMERICA JAPAN ASIA PACIFIC ROW
Retail includes DOS and e-commerce
+24%
+322%
+24%
+37%
+86% +83%
-20%-30%
-21%
+30% +36%+19% +13%
+36%+44%
-34%
+71%
+15%
-3%
+93%
+3%
2Y STACK
Q1 21 Q2 21
COMPARABLE GROWTH
Q3 21 Q1 21 Q2 21 Q3 21 Q1 21 Q2 21 Q3 21 Q1 21 Q2 21 Q3 21 Q1 21 Q2 21 Q3 21
-43% -41% -32%
7
LUXURY HOUSESQ3 E-COMMERCE TRENDS
Q3 21 COMPARABLE GROWTH Q3 21 E-COMMERCE REVENUE AS % OF RETAIL SALES
REVENUE GROWTH
19.10.2021
20% 20%
9%
5%
Western Europe North America Asia Pacific Japan
PENETRATION BY REGION
KEY HIGHLIGHTS
• Sustained growth on high comps: e-commerce revenue x2.5 vs. Q3 19
• High penetration in W.Europe and N.America, further potential in APAC
• Successful internalization of brand.com completed, yielding multiple benefits
– Rol lout of new omnichannel capabi l i t ies and services
– Reduced lead t imes
– Higher conversion rates
• Ongoing retailization of online partnerships and strong development of existing e-concessions
+24%YoY
+148%2Y Stack
AVERAGE: 13%
GUCCI
Q3 2021 REVENUE: €2,182m
+4.5% REPORTED, +3.8% COMPARABLE
QUARTER MARKED BY TRANSITION IN COLLECTIONS
• Retail up 7% YoY, +2% 2Y stack
– Tai l end of Ouver ture col lec t ion and successfu l in t roduct ion of Diana l ine, Ar ia hi t t ing the shelves gradual ly s ince late September
– Strong per formance wi th locals in W .Europe, N.Amer ica conf i rmed; COVID-re lated d isrupt ions weighing on APAC t raf f ic
– Cont inued investment to in tens i fy ta i lored, local ized exper iences, whi le expanding in new ter r i tor ies (Gucc i Vaul t…)
• Steady implementation of distribution strategy: wholesale -44% vs. Q3 19
Western Europe
19%
North America
29%
Japan
5%
Asia Pacific
41%
RoW
6%
REVENUE CHANGE BY REGION AND CHANNEL
(in €m, and comparable growth in %)
REVENUE BREAKDOWN BY REGION
(on total Q3 revenue, in %)
8
Q3 20 Retail Q3 21Wholesale Royalties and others
2,088
2,182
+7%
-19%
+28%
19.10.2021
SAINT LAURENT
Q3 2021 REVENUE: €653m
+27.8% REPORTED, +28.1% COMPARABLE
REVENUE CHANGE BY REGION AND CHANNEL
(in €m, and comparable growth in %)
REVENUE BREAKDOWN BY REGION
(on total Q3 revenue, in %)
STRONG BRAND MOMENTUM DRIVES ACCELERATION
• Retail up 31%, +37% 2Y stack
– Iconic products enjoying susta ined appet i te f rom locals across al l markets, new l ines very wel l received
– Cons is tent 2Y double-dig i t growth in a l l categor ies on growing recogni t ion of Saint Laurent s i lhouet te
– Increasing brand awareness and network expansion fuels market penetrat ion, notably in APAC
• Wholesale up 22% on success of Women’s Fall 2021
9
+28%
Q3 21Royalties and othersRetail WholesaleQ3 20
511
+31%+22% 653
19.10.2021
Western Europe
32%
North America
35%Japan
4%
Asia Pacific
22%
RoW
7%
Asia Pacific
35%
BOTTEGA VENETA
Q3 2021 REVENUE: €363m
+9.3% REPORTED, +8.9% COMPARABLE
Q3 21
+17%
Royalties and othersQ3 20 Retail
332
Wholesale
+6%
+18% 363
REVENUE CHANGE BY REGION AND CHANNEL
(in €m, and comparable growth in %)
REVENUE BREAKDOWN BY REGION
(on total Q3 revenue, in %)
SOLID FOUNDATIONS SUPPORTING HEALTHY GROWTH
• Global brand strategy, focusing on exclusivity, controlled distribution, and full-price sales, paying off
• Retail up 6%, +18% on a 2Y stack
– W ell balanced between new and ex is t ing c l ients , cont inued appeal to younger generat ions
– Strong 2Y per formances across regions and product categor ies
• Growth in wholesale, notably in support of RTW & Shoes, now moderating
1019.10.2021
Western Europe
28%
North America
19%
Japan
10%
RoW
8%
Q3 21WholesaleQ3 20 Retail Royalties and others
669
+24%
+27% +84% 844
OTHER HOUSES
Q3 2021 REVENUE: €844m
+26.1% REPORTED, +26.0% COMPARABLE
COUTURE & LEATHER GOODS
• Strong 1Y and 2Y double-digit growth
• Balenciaga and Alexander McQueen:
– Promis ing expans ion into new product ter r i tor ies
– Investments in reta i l network , geographical reach and brand
awareness
• Brioni back to Q3 19 levels
11
JEWELRY & WATCHES
• Sharp sequential acceleration across the board
• Boucheron’s collections resonating in all markets; Pomellato
confirming its rebound and potential; Qeelin pursuing its strong
momentum
• Watches confirm their rebound
REVENUE CHANGE BY REGION AND CHANNEL
(in €m, and comparable growth in %)
REVENUE BREAKDOWN BY REGION
(on total Q3 revenue, in %)
19.10.2021
Western Europe
36%
North America
23%
Japan
6%
Asia Pacific
28%
RoW
7%
CORPORATE & OTHER
Q3 2021 REVENUE: €146m
+24.1% REPORTED AND COMPARABLE
12
• All regions, channels and brands driving growth
• LINDBERG acquisition completed, consolidation
from Q4
19.10.2021
KERING EYEWEAR
€138m
+25%YoY
External sales: €165m
CONCLUSION
• STEADY Q3 PERFORMANCE AT GROUP LEVEL
• 2Y STACK AT +10% VS. +8% IN H1
• CONSISTENTLY IMPLEMENTING OUR STRATEGY
• UPSCALING GLOBAL BRAND POSITIONING &
DISTRIBUTION
• REINFORCING LOCAL MARKET APPROACH
• ACHIEVING NEW ESG MILESTONES
• FURTHER INVESTING IN OUR PROFITABLE GROWTH
TRAJECTORY
1319.10.2021
Q&A
APPENDIX
APPENDIX: LUXURY HOUSES DOS NETWORK
16
NUMBER OF DIRECTLY OPERATED STORES
318238 232
698
322240 231
720
W es te rn Eu rope Nor th Amer i ca Japan Emerg ing marke ts
As of June 2021: 1,486 As of September 2021: 1,513
As of end of June
2021
As of end of September
2021
Net openings/closings
in the quarter
Breakdown by Houses
Gucci 491 488 -3
Saint Laurent 251 261 +10
Bottega Veneta 259 259 0
Other Houses 485 505 +20
Total Luxury Houses 1,486 1,513 +27
19.10.2021
Q3 AND 9M 2021 REVENUE
BREAKDOWN BY REGION
* : at constant scope and exchange rates
17
Western Europe
26% (-1pt)
North America
28% (+5pt)
Japan
6% (-1pt)
Asia Pacific
34% (-4pt)
RoW
6% (+1pt)
REVENUE BREAKDOWN
BY REGION (ON TOTAL Q3 REVENUE AND
CHANGE YOY)
In €m
9M 21
Revenue
Change (%)
Reported Comparable (*)
Gucci 6,661.1 +29.1% +31.1%
Saint Laurent 1,698.4 +42.5% +45.1%
Bottega Veneta 1,071.0 +28.2% +30.3%
Other Houses 2,319.3 +46.0% +48.1%
Total Houses 11,749.8 +33.9% +36.0%
Corporate & other 485.2 +51.4% +54.5%
Kering total 12,235.0 +34.5% +36.6%
19.10.2021
In €m
Q3 21
Revenue
Change (%)
Reported Comparable (*)
Gucci 2,181.8 +4.5% +3.8%
Saint Laurent 652.9 +27.8% +28.1%
Bottega Veneta 363.4 +9.3% +8.9%
Other Houses 843.7 +26.1% +26.0%
Total Houses 4,041.8 +12.3% +11.8%
Corporate & other 146.0 +24.1% +24.1%
Kering total 4,187.8 +12.6% +12.2%
Gucci • Saint Laurent • Bottega Veneta • Balenciaga • Alexander McQueen • Brioni
Boucheron • Pomellato • Dodo • Qeelin • Ulysse Nardin • Girard -Perregaux
Kering Eyewear
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