'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. With the acquisition of Creed completed last week, one of the world's most distinguished high fragrance houses has joined our family, propelling our ambitions in beauty onto the next stage.'
Group revenue was
o Revenue from the directly operated retail network fell 6% on a comparable basis, reflecting lower traffic and contrasted performances across regions.
o Wholesale and Other revenue fell sharply (down 20% on a comparable basis), due in particular to the Group's ongoing efforts to tighten its control over distribution.
In the first nine months of the year, the Group generated revenue of
Gucci: new chapter
In the third quarter of 2023, Gucci's revenue amounted to
Sales in the directly operated retail network fell 7% on a comparable basis during the quarter, with resilient performances in handbags and from the Valigeria collection. Wholesale revenue fell 17% on a comparable basis. During the quarter, Gucci unveiled its new creative expression with
Sales in the directly operated store network fell 4% on a comparable basis, due to a high multi-year base of comparison, particularly in the third quarter of 2022.
Wholesale was down 38% on a comparable basis.
Bottega Veneta: greater desirability and exclusivity
Bottega Veneta's revenue totaled
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.
The Summer 2024 show was particularly well received and the House is continuing to enhance its exclusivity.
Other Houses: performance affected by lower Wholesale, good momentum in Jewelry
Revenue from the Group's Other Houses totaled
In retail, Balenciaga's growth was mixed across regions and was affected by a high base of comparison, while
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A global Luxury group,
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Analysts/investors
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