Kering aims to double Saint Laurent sales in the medium term

Dresses and hat creations are displayed at the new Yves Saint Laurent museum in Marrakech, Morocco October 13, 2017. REUTERS/Youssef Boudlal/File Photo

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PARIS, June 8 (Reuters) – French luxury group Kering is aiming to double sales of its small, fast-growing fashion brand Yves Saint Laurent to 5 billion euros ($5.36 billion) in the medium term, a he said in slides after the first day of an investor presentation on Wednesday.

The group said it would expand the brand’s geographical footprint and make a bigger inroad in the United States, for example, by increasing the number of stores worldwide to between 300 and 350 in the medium term, from 267 in March. .

On the product side, the brand, headed by general manager Francesca Bellettini, has focused on leather goods, which make up the bulk of sales, while emphasizing the importance of ready-to-wear to relay the image of brand, and shoes as a “second engine of growth”.

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Saint Laurent achieved a turnover of 2.52 billion euros in 2021, up 46% compared to the previous year, or double that of 2016.

The group is also aiming for higher profitability for the label in the medium term, with the EBIT margin expected to increase to 33% from 28.3% at the end of last year.

The French luxury group is due to hold a presentation of its main label and profit engine, Gucci, on Thursday. Read more

Gucci’s sales totaled 9.73 billion in 2021 and the brand is under market scrutiny as it suffered more than rivals in a recent round of shutdowns in China.

($1 = 0.9321 euro)

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Reporting by Mimosa Spencer, editing by Silvia Aloisi, Kirsten Donovan and Barbara Lewis

Our standards: The Thomson Reuters Trust Principles.

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