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Message from
the Chairman

In 2021, amid the continuing impact of the pandemic, Kering delivered some remarkable performances. It is a great source of pride for me and for the Group’s 42,000 employees, whom I would like to both thank and congratulate.

Our consolidated revenues reached a record €17.6 billion, a 35% increase over the 2020 performance and a significantly higher figure than in 2019, a more representative year as it preceded the pandemic. The rise in our profitability was even more remarkable, with operating income increasing 60% from 2020 levels to break the €5 billion barrier, another record for Kering.

Aside from our financial performance, 2021 was also a year rich in major events and successes. All the Houses contributed to our growth, and all stood out for their creativity, agility and efficiency.

At 100 years old, Gucci has never been so young. It is the perfect embodiment of our Houses’ ability to harness both heritage and modernity, as it demonstrated with the Beloved collection of handbags, which was enriched in 2021 with the launches of Diana and Bamboo 1947. A pioneer in the metaverse, the House also distinguished itself in two of the most demanding categories in the luxury market, High Jewelry and High Watchmaking. Gucci remains the backbone of the Group, and its future looks extremely promising.

Meanwhile, Saint Laurent maintained impressive growth. By capitalizing on its heritage and reputation in ready-to-wear, the House made spectacular progress in every product category.

Renowned for the excellence of its leather goods, Bottega Veneta extended its territory of expression and established legitimacy as a House for ready-to-wear and accessories.

From its return to Haute Couture to daring partnerships with Fortnite and The Simpsons, Balenciaga continued to break with conventional codes and the supposed divides between fashion, culture, and entertainment. Alexander McQueen maintained solid growth, drawing on its tailoring tradition to win new audiences and new markets, while Brioni is enjoying a highly encouraging rebound.

Our jewelry Houses have also delivered some exceptional results. Boucheron continues to innovate with every new High Jewelry collection and is enjoying particularly strong growth in Asian markets. Two years after the launch of La Gioia, its High Jewelry collection, Pomellato’s growth has been remarkable. Lastly, Qeelin has achieved outstanding success in China, increasing revenues by 150% since 2019.
“Beyond the results of each individual House, the historic performance of the Group as a whole in 2021 proves that we have been pursuing the right strategy. Our desire is to develop each of our Houses by capitalizing on their heritage and creative vision, while at the same time providing the investment needed to replicate their successes in new categories and markets.”
Our Houses’ success is also the result of Kering’s unique culture. Our combination of daring, tenacity, and vigilance, along with our long-term vision, have enabled us to seize the opportunities that arose in 2021.

Kering’s culture is also about commitment and a desire to act in a positive way toward our society and our environment. Companies have responsibilities that go far beyond their financial performance, and we demonstrated that during the worst of the pandemic. However, many challenges remain and we will not reduce our efforts to tackle them.
“Our commitments to the environment and biodiversity have led to a series of new decisions and advances. Last September, we announced that all our Houses would cease to use animal fur from their Fall 2022 collections onward. It’s a major step forward for animal welfare and I hope it will lead to change across the sector as a whole.”
In partnership with Conservation International, we also launched the Regenerative Fund for Nature with the aim of converting one million hectares of land to regenerative agriculture practices over the next five years. In July, we published the Coming Full Circle report to share our ambitions and initiatives to promote a circular economy approach. This will involve a profound reconsideration of the way we produce, use and extend the lifecycle of our Houses’ creations.

At Kering, sustainability and innovation go together. The search for new, more sustainable materials is a major focus for our teams, both at Group and House levels. In 2021, after two years of research, Gucci introduced Demetra, an alternative to leather made from raw materials that are sustainable, renewable, bio-sourced and 77% plant-based. And because we believe that environmental issues are more important than any competitive considerations, Demetra is being made available to the rest of the fashion industry.
“Kering’s desire to make a positive impact is also reflected in an ambitious approach to human resources that encourages autonomy, creativity and risk-taking, while at the same time offering a caring work environment that encourages people to realize their full potential.”
Caring for the well-being of women and men in the Group, we carried out a major survey in 2021 that confirmed the very high levels of employee engagement and their strong support for Kering’s values. The survey results also led to the launch of the Giving Back initiative, a program that allows employees to devote time to volunteering.

To reward the commitment of our teams, we are offering them an employee shareholding plan with preferential conditions in 2022. I am very glad to be able to share even more of the Group’s value with the women and men who create it on a daily basis.

Creativity, agility, innovation, and commitment: more than ever, the successes enjoyed in 2021 bear the mark of our business model and our vision. However, we will not be resting on our laurels. We remain ambitious and determined to pursue our efforts, and our eyes are turned resolutely to the future.
Our Houses are stronger than ever, and we are confident of maintaining this momentum in 2022 and beyond.