Record operating margin Sustained growth trajectory

Consolidated revenue: €15,883.5 million
up 16.2% as reported and 13.3% on a comparable basis

Recurring operating income(*) up 19.6% to €4,778.3 million
Recurring operating margin(*) of 30.1%
Net income, Group share(*) of €2,308.6 million
 Recurring net income, Group share(*)(**) up 15.1% to €3,211.5 million

Recommended dividend of €11.50 per share, up 10%

François-Henri Pinault, Chairman and Chief Executive Officer, commented:

“Kering delivered another year of sustained profitable growth in 2019, as total revenues significantly exceeded the 15-billion-euro mark and our recurring operating margin topped 30% for the first time ever. We are pursuing the implementation of our strategy — we are focused on developing our Houses, executing flawlessly, and creating value. In the challenging period China is facing right now, we want to express once again our support to all our colleagues and our solidarity with the Chinese people. These particularly uncertain conditions don’t call into question Kering’s fundamentals in the Luxury industry. Thanks to the strength of our model, the talent and dedication of our 38,000 people sharing a culture of creativity and responsibility, and to our disciplined financial stewardship, we are confident in our growth potential in the medium and long term.”

-    Consolidated revenue up 13.3% on a comparable basis to €15,883.5 million:

•    Very sustained growth at Gucci (up 13.3% comparable).

•    Outstanding increase in revenue from Saint Laurent throughout the year (up 14.4% comparable).

•    Return to growth at Bottega Veneta (up 2.2% comparable), owing to the success of its new collections.

•    Remarkable performance from Kering’s Other Houses (up 17.8% comparable), driven by momentum at Balenciaga and Alexander McQueen.

-    Sharp growth in recurring operating income; record recurring operating margin.

 (*)Following the first-time application of IFRS 16 in 2019, comparative data for 2018 has been restated.

(**)Recurring net income, Group share: net income from continuing operations, Group share, excluding non-recurring items. In 2019, this item excludes the non-recurring tax expense relating to the tax settlement in Italy.

About Kering
A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s Luxury in a sustainable and responsible way. We capture these beliefs in our signature: “Empowering Imagination”. In 2019, Kering had over 38,000 employees and revenue of €15.9 billion.