Kattie Gold





Asia Fuels Luxury Group Profits For Gucci

FashionUnited| Thursday, 28 July 2005

Gucci Group owner PPR SA, said sales advanced 4 percent in the second quarter, buoyed by demand for the most expensive fashions and accessories in Asia . Sales rose to 3.99 billion euros from 3.83 billion euros a year earlier, the Paris-based company said today. Seven analysts surveyed by Bloomberg sales of 3.92 billion euros, their median estimate shows.

PPR and other luxury-goods makers such as LVMH Moet Hennessy Louis Vuitton SA, the world's biggest, are benefiting as economic growth of 9 percent in China creates millionaires and generates demand across Asia . PPR Chief Executive Francois-Henri Pinault aims to increase foreign revenue as rising unemployment increasingly prompts French consumers to spend less.

These figures ``underscore the relevance of our strategic choices,'' Pinault said in the statement. He described the economic environment as ``difficult.'' PPR shares have gained 14 percent this year, partly on optimism about increasing demand for luxury goods. The stock has added 2.5 percent since July 25, when LVMH reported a 10 percent gain in quarterly sales. Quarterly sales at Gucci Group rose 13 percent to 639 million euros, or 18 percent when adjusted to remove the effect of exchange rates. Analysts surveyed by Bloomberg predicted growth of 13 percent when adjusted on that basis.

The Gucci brand itself had a 13 percent increase in sales in the second quarter to 378.6 million euros, helped by demand for Hasler, Punch and Creole handbags. Asia and North America led the gains for the luxury unit, with sales advancing 31 percent and 22 percent respectively. Its European sales rose more than 10 percent.






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