Kering - Press release - Third quarter 2023 revenue PRESS RELEASE October 24, 2023 THIRD QUARTER 2023 REVENUE Group revenue: €4,464 million,down 13% as reported, down 9% on
Group revenue: €4,464 million,"Beyond the challenging macroeconomic conditions and softening demand across the luxury industry, the change in our revenue performance in the third quarter reflects the impact of our decisions to further elevate our brands and their distribution. The organization we put in place in July will enable us to strengthen the steering of our Houses in the current market environment and to reclaim our positions and influence.
In the directly operated retail network, revenue fell very slightly, down 2% on a comparable basis in the quarter. Wholesale revenue was down 30% on a comparable basis. In retail, Balenciaga's growth was mixed across regions and was affected by a high base of comparison, while Alexander McQueen experienced a slowdown in the quarter. Negative trends were magnified by lower Wholesale activity at both Houses. Brioni's sales were up, driven by its tailoring as well as leisurewear offerings.
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