Gucci: a year of sustained growth further extending the brand’s authority
17 February 2022, Mumbai:
In 2021, Gucci’s revenue amounted to €9,731 million (up 31% both as reported and on a comparable basis), exceeding the 2019 level even as the House nearly completed the streamlining of its wholesale operations.
Sales generated in the retail network grew 37% on a comparable basis compared to 2020, and by 10% relative to 2019. As part of the overhaul of Gucci’s distribution, wholesale revenue fell 10% year-on-year and 39% relative to 2019.
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In the fourth quarter of 2021, Gucci’s revenue growth accelerated sharply to 32% year-on-year and 18% compared to the same period of 2019. This was down to the success of its iconic lines, along with an intense schedule of events and new product launches.
Sales from directly operated stores rose by 35% relative to the fourth quarter of 2020 and by 25% versus the same period in 2019. Gucci’s recurring operating income totaled €3,715 million in 2021, 42% higher than in 2020.
Recurring operating margin was particularly solid at 38.2% in 2021, while the House kept up the pace of its investments and clienteling initiatives.
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