Sales and profits are increasing at Balenciaga more than any other Kering brand including Gucci.
According to an article on The Business of Fashion, sales and profits are increasing at Balenciaga more than any other Kering brand. They’re increasing even more than at Gucci. Kering is the parent company of Hermès, Chloé, Balenciaga, Gucci, Saint Laurent, Givenchy, and more.
Last month, Gucci announced that sales and profits at the brand increased by 48.7% for the first quarter fiscal 2018. It was also the top selling and most searched for brand in 2017. The brand’s redesigned many of its products and released many trendy collections, which have made sales at the brand increase. Sales and profits, however, have increased more at Balenciaga.
The brand announced that sales and profits have increased more than at any other Kering brand at a Financial Times luxury goods conference in Italy on Tuesday. The brand said the increase was because of millennials, who are now about 60% or so of the brand’s customers including menswear shoppers, which sales in menswear have recently increased. Sales have increased more than 100% in handbags, clothing, and footwear.
Last month, Kering Chief Financial Officer Jean-Marc Duplaix said the increase in sales at Gucci was not just because of “notoriously fad-led” millennials. The brand, like pretty much every luxury brand lately, has been courting millennials with its trendy collections, ad campaigns, t shirts, bags, belts, shoes, accessories, and more. The brand has been courting them for a while and millennials are pretty much why sales have increased at the brand as much as they have.
The brand’s sales increase may not be just due to millennials but it’s mostly due to them. The brand, however, didn’t say how much of its customers are millennials. Although, I’m sure they’re about the same as Balenciaga’s.
As for if sales and profits will continue to increase at the brand, we’ll just have to wait and see.
So, what do you think? Will sales and profits continue to increase at Balenciaga? Let me know in the comments below. Also, don’t forget to subscribe to get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
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