The Kering-owned Italian luxury label had been declining since 2016, but in 2019 it started growing again under the aegis of creative director Daniel Lee, generating a revenue of €1.16 billion, up 5.3%.
At the presentation of the luxury group's annual results, boss François-Henri Pinault said there is no acquisition on the cards at the moment, the priority being ensuring the growth of Kering's own labels.
According to the ‘Global Powers of Luxury Goods 2019’ report by Deloitte, based on 2017 FY data, Spanish groups Puig, Tous, Textil Lonia and Festina Lotus all ranked among the top 100 luxury groups worldwide.
Luxury group Kering had a good year in 2019 and the final quarter was also strong. Its star brand Gucci outperformed, Saint Laurent continued to power ahead and Bottega Veneta’s recovery looked to be well established.
The Prada group’s label targeting younger consumers has appointed Benedetta Petruzzo, formerly with the Kering group, as its new CEO. She succeeds Maria Cristina Lomanto, who left last summer to join Roger Vivier.
According to consulting firm Pambianco, the top fashion and luxury performers on the stock market last year were sportswear brands and French luxury groups. Italian luxury labels were flat, save for Moncler and Prada.
France's Hermès said on Wednesday it would start selling make-up from March, as the brand best known for its pricey Birkin handbags branches into a competitive beauty industry where its luxury rivals include Chanel.