To their much-hyped designer collections with Rihanna and Kylie Jenner to their recently launched campaign with Cara Delevingne, Puma’s celebrity-driven strategy is paying dividends for its parent company Kering.
The Paris-based holder of luxury brands including Gucci and Yves Saint Laurent, in addition to Puma, its largest sportswear asset, released its third quarter results Tuesday, reporting a 10 percent jump in sales.
Despite the current volatility in luxury goods, the French conglomerate posted sales of €3.2 billion ($3.48 billion) for the quarter, with revenue at Gucci, its largest brand, up 18 percent to €1.08 billion ($1.18 billion).
Puma was no slouch either, reporting sales growth of 10.8% on earnings of €99.4 million ($109.1 million). The company’s footwear category was a star performer, posting 17 percent growth, lead by the successful launches of new Ignite, Fierce and Fenty models. Revenue from apparel, meanwhile, was up 10 percent.
With the exception of Japan, Puma achieved double-digit growth across all regions, including Europe, the Americas and Mainland China.
“Puma confirmed its solid growth trajectory,” said Kering Chairman and CEO François-Henri Pinault. “We have laid the foundations for steady, sustainable growth, and are highly confident about the full year.”