Saint Laurent's revenue has doubled since Hedi Slimane was hired
Hedi profits for Kering
Three years have passed since Hedi Slimane took the creative reins at Saint Laurent, and Kering – the luxury French conglomerate that own the iconic label as well as Gucci, Balenciaga, Alexander McQueen and others – will no doubt be happy that they hedged their bets on the 46-year-old creative.
Revealing its annual earnings on Tuesday, Kering posted a 27 percent increase in sales to €707.3 million (approximately $807 million) for Saint Laurent in 2014. This is despite a drop in overall profits for Kering in the new annual report, which shows that although its revenue grew 4 percent over 2014, its profits dropped to 5 percent – from €1.75 billion (approximately $1.99 billion) in 2013 to 2014's €1.66 billion (approximately $1.89 billion).
Another Kering-owned brand that also performed well in 2014 is Bottega Veneta, which accounted for a 13 percent increase in revenue to €1.13 billion (approximately $1.17 billion.)
Now the luxury powerhouse is said to be placing high hopes on Gucci following the resignation of its creative director and CEO, and the hiring of replacements Alessandro Michele and Marco Bizzari. Kering's biggest luxury brand achieved €3.5 billion this past year, but sales have been gradually decreasing. Kering are said to be hoping that Gucci will post similar figures to that of Saint Laurent under its new duo of Michele and Bizzari for its next annual report.