Gucci Revamp, YSL Growth Drives Parent’s Firm Profit

The Gucci store in HCM. My name is Hoang Anh, IÕm 30 years old and I come from Hanoi, IÕve been living here in Saigon for three years now. For me, luxury is something deeply personal, something that is highly shaped by oneÕs personality. ItÕs is actually quite a whole lot of things, things you can measure, like clothes, accessories, and things that are about emotions, time, interests and hobbies. In a City, Ho Chi Minh, is the second book in a series of short stories about Vietnam, commissioned by the British Council. The first series was shot in Hanoi. 18/12/2010, Ho Chi Minh, Vietnam.

French luxury group Kering delivered a forecast-beating rise in first-half operating profit on Thursday, July 27, reflecting a continued revival at its biggest brand, Italy’s Gucci, and a strong showing by fashion house Yves Saint Laurent.

Kering, whose good results were further evidence of a recovery in the wider luxury sector, said its “excellent” first-half performance raised confidence in its capaciy to achieve another year of sales growth and improved operating performance.

Second quarter comparable sales at Gucci, which makes over 60 percent of Kering’s profit and whose products are endorsed by celebrities such as singer Rihanna, rose 39.3 percent, beating analysts’expectations of 32 percent growth.

This compared with already spectacular growth of 48.3 percent achieved in the first quarter.

Kering’s Yves Saint Laurent posted comparable sales growth of 23.7 percent, against average expectations of 25 percent growth, while sales at Bottega Veneta rose 1.7 percent

First-half recurring operating profit rose 57.1 percent to 1.274 billion euros ($1.49 billion), with operating margin at Gucci reaching a record 32 percent of sales.

Analysts polled by Inquiry Financial for Reuters eyed operating profit of 1.232 billion euros.

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