Kering sales surge on European recovery

French luxury group Kering said Thursday sales jumped in the third quarter to over five billion euros as activity in Western Europe rebounded.

Sales in the July-September period climbed 23 percent to 5.1 billion euros ($5.0 billion), or by 14 percent on a comparable basis.

“In an increasingly complex environment, we maintain the required flexibility to support our profitability and sustain our investments in the long-term outlook of all our houses, Gucci first and foremost,” said chief executive Francois-Henri Pinault.

Gucci’s sales rose by 18 percent, but those of Yves Saint Laurent surged by 40 percent.

Sales in Western Europe soared by 74 percent thanks in part to a return of US tourists.

Asia-Pacific sales rose seven percent despite Covid restrictions in China.

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