Luxury conglomerate Kering Co. (KER.FR) said Thursday that profits soared in the first half of the year, powered by runaway success at its flagship brand, the Italian fashion house Gucci.
Net income in the half was 826 million euros ($962.4 million), up 78% from the first half of 2016. That was mainly thanks to Gucci, where recurring operating income rose 69% to EUR907 million.
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The results continue a remarkable run for Gucci and its creative director, Alessandro Michele. Since he came on the job in January 2015, his designs have drawn legions of devoted customers to the brand.
French fashion label Saint Laurent, Kering's second-biggest brand, also delivered strong results, with recurring operating profits for the half rising 50% to EUR164 million.
Kering's sales in the second quarter were EUR3.7 billion, up 25% from last year.
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(END) Dow Jones Newswires
July 27, 2017 12:42 ET (16:42 GMT)