Gucci going strong in spite of economy

29-08-2008

Gucci going strong in spite of economy
Luxury brand Gucci has produced strong results for its parent company PPR, beating the consumer slowdown.

The group's gross profit totalled €4.2 billion for the first half of 2008, up 13.5 per cent from last year, helped by a "remarkable performance" from Gucci, PPR said.

Operating profit at the brand increased 13 per cent to €300 million on strong sales in Asia, particularly in China, where sales soared by 97.8 per cent compared to last year.

Gucci's Hysteria collection and new versions of the Indy handbag sold well over the period.

PPR said revenue from its luxury goods unit, which also includes designers Stella McCartney and Alexander McQueen, grew by 16.5 per cent in the first six months of 2008.

A better geographical spread, with 22 per cent of its revenue now from markets outside of Europe, also helped the group beat the economic slowdown, PPR added.

The company was optimistic in its outlook. In a statement, PPR said: "Given its solid economic model, the appeal power of its brands and companies, the geographical balance of its activities and the responsiveness of its organisation, PPR is positioned to confirm its growth and improvement objectives for its fiscal year 2008 financial performances."

PPR said it would continue to focus on emerging markets for growth as traditional markets slowed.

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