June 7, 2018 / 10:49 AM / a year ago

Kering's Gucci aims to hit 10 billion euro revenue threshold

FILE PHOTO: Gucci signs are seen outside a shop in Paris, France, December 18, 2017. REUTERS/Charles Platiau/File Photo

FLORENCE (Reuters) - Italy’s Gucci, the fashion brand fuelling a sales boom at Kering (PRTP.PA), said on Thursday it aimed to keep growing at twice the pace of the luxury market and aims to eventually reach 10 billion euros ($11.82 billion) in annual revenue.

Gucci, the biggest earnings driver at French conglomerate Kering, did not outline a timeline for its ambition in a presentation posted on Kering’s website.

But it compares to 6.2 billion euros in annual revenue clocked up in 2017, making it the second biggest luxury label in the world behind LVMH’s (LVMH.PA) Louis Vuitton.

Gucci has so far defied expectations of a gradual slowdown, after its re-invention with a flamboyant new style under designer Alessandro Michele lifted sales.

The brand added that it aimed to have an operating margin of above 40 percent, compared to around 34 percent in 2017.

Reporting by Sarah White, Pascale Denis and Sudip Kar-Gupta; Editing by Leigh Thomas

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