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Blockbuster growth in luxury sales drove an 11 percent gain in first-quarter revenue at French retail and luxury group PPR.
The company behind Gucci and Bottega Veneta said Wednesday that its luxury division posted a 29 percent increase in January to March. That helped bring the group's total sales to (EURO)4.1 billion ($5.4 billion) for the quarter.
The company is in the process of selling off some of its poor-performing retail operations, including the Redcats group. Sales from only continuing operations were up 15 percent to (EURO)3.3 billion.
The group said its luxury division grew in the double-digits in all regions. An economic slowdown in the West makes it especially important for companies to push into emerging markets, which PPR said now represent 40 percent of its luxury revenue.