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PPR : PPR : First-quarter 2013 revenue

                    PPR : PPR : First-quarter 2013 revenue

Comparable revenue up 3%
Luxury Division performance up 6% on a comparable basis (up 8% in directly
operated stores)
Further headway in Group transformation

In the first quarter of 2013, Kering recorded €2.4 billion in revenue, up 3.1%
on a  comparable  Group structure  and  exchange rate  basis  and up  1.0%  on 
first-quarter 2012 as reported.

Revenue for the Luxury Division advanced  6.4% on a comparable basis and  4.5% 
on a  reported  basis,  with growth  in  all  geographic areas.  The  Sport  & 
Lifestyle Division reported a  drop in revenue of  2.5% on a comparable  basis 
and 4.9% as reported.

François-Henri  Pinault,  Kering   Chairman  and   Chief  Executive   Officer, 
commented: "Kering's sales activities  since the beginning  of 2013 have  been 
powered by our Luxury  Division, which has continued  to make headways in  all 
regions of the  world. In Fashion  and Leather Goods,  our robust  performance 
above and  beyond the  very  high base  of  comparison established  last  year 
confirms the  tremendous  appeal of  our  brands. In  a  jumpier  environment, 
notably in Europe, sales of our Sport & Lifestyle Division contracted somewhat
in the first months  of the year.  Following the appointment  of its new  CEO, 
Björn  Gulden,  Puma  will  step  up   the  pace  of  implementation  of   its 
transformation plan. In this context, we remain firmly focused on  controlling 
costs and preserving our  gross margins. The unique  strengths of each of  our 
brands, combined with the energy and  imagination of our teams, reinforce  our 
confidence  in  the  future  and  in  our  ability  to  further  improve   our 
performances in the full year."

                               Q1 2013 Reported Comparable
(in € million)                           change change^(1)
Luxury Division                  1,523    +4.5%      +6.4%
Sport & Lifestyle Division         842    -4.9%      -2.5%
Kering - Continuing operations   2,365    +1.0%      +3.1%
^(1)Constant Group structure and exchange rates.

Luxury Division

In the first quarter of 2013, the Luxury Division reported comparable  revenue 
growth of over 6% in a  mixed economic environment and against a  particularly 
demanding base of comparison (up 18%) in the first quarter of last year.
Sales of the Luxury Division rose across all key brands and all regions,  with 
very healthy performances in North America and Japan. Trends were less dynamic
in Europe.  Mainland  China  continued  to  post  good  growth,  with  another 
double-digit increase (up 10% in the quarter).
All product categories contributed to the Luxury Division's sales growth, with
Fashion and Leather Goods climbing 7%.
As of end-March 2013, the store  network of the Luxury Division comprised  992 
units, including 34 net store openings during the quarter.

In the quarter, Gucci posted a 4% increase in comparable revenue, while sales
in directly operated stores were up 6%. All regions but Western Europe posted
higher revenue. North America delivered another quarter of solid growth (up 9%
on a comparable basis). Growth in Japan was also strong, as in the previous
quarters, partly boosted by the weakening of the Yen. Gucci's performance in
Asia Pacific was mixed this quarter, with high revenue growth in Mainland
Growth was positive in all major product categories. Sales of Leather Goods
grew in the quarter, driven by further improvements in mix towards
higher-price merchandise. Recently introduced leather lines performed
remarkably well, resulting in a double-digit increase in no-logo sales during
the quarter. Performance was also particularly strong in Shoes, up 8%, driven
by Men's.
As of end-March 2013, Gucci operated 432 stores, with a net addition of three
stores during the quarter.

Bottega Veneta
Bottega Veneta delivered a solid performance, with comparable revenue up 9%.
Strong growth in retail was partly offset by mixed performances in wholesale.
Western Europe performed particularly well in directly operated stores, up
over 20%. Trends were somewhat softer in North America as higher sales on the
continent were offset by a slowdown in Hawaii, due to lower Japanese tourism.
Bottega Veneta posted a solid 12% increase in sales in Japan. Asia Pacific saw
a solid growth in revenue driven by increases of more than 20% in both Greater
and Mainland China.
By product category, Leather Goods continued to post strong increases, with
dynamic growth in Men's. Newer categories, such as Jewellery or Perfumes,
continued to perform very well, confirming Bottega Veneta's potential to
extend its reach beyond its core categories.
As of end-March 2013, Bottega Veneta's network comprised 205 directly operated
stores, including a net addition of nine stores during the quarter.

Saint Laurent
In the first quarter of 2013, Saint Laurent confirmed its strong momentum,
with sales up 19%. All regions apart from North America posted strong growth.
The acceleration of the brand reinvention under Creative and Image Director
Hedi Slimane leads to a complete overhaul of the product line-up in all
categories, gradually unveiled in the stores, and intensifying the
desirability of the brand. Fashion & Leather Goods as a whole posted sharply
higher revenues, driven by significant growth of Men's ready-to-wear, higher
sales of iconic handbags and a promising start for new shoe styles. The Saint
Laurent brand has also unveiled a new architectural concept, integrated into
the store refurbishment and retail opening programme.
Further significant investments in the Saint Laurent brand are planned
throughout 2013.
Saint Laurent managed a network of 98 stores at end-March 2013, including nine
new stores opened in the quarter.

Other Luxury brands
In the first quarter, Kering's Other Luxury brands posted comparable revenue
growth of 7% across most regions, driven by outstanding performances at Stella
McCartney, Alexander McQueen and Boucheron.
Sales at Girard-Perregaux and Jeanrichard were impacted by a cautious climate
in the Watches market, particularly in China.
As of end-March 2013, the store network of the Other Luxury brands comprised
257 units, with 13net new stores including the consolidation of Qeelin
directly operated stores.

Sport & Lifestyle Division

Sport & Lifestyle Division sales were down  2.5% on a comparable basis in  the 
quarter, held back by a tough textile and sporting goods market, especially in
Western Europe.
Both PUMA and Volcom  posted very satisfactory  performances in retail,  while 
wholesale sales were down.

In the first quarter, Puma's comparable sales were down 2.3%. Accessories
delivered another strong performance, with a 12% increase in sales driven by
the strong performance of Cobra Puma Golf. Sales were resilient in Apparel.
The Footwear category faced a very tough trading environment, in France and
Italy in particular.
Throughout the quarter, Puma pursued the implementation of the brand's
Transformation Plan, closing 45 underperforming stores during the quarter,
with particular focus on Europe. The underlying performance of the remaining
retail stores was good in the quarter, underscoring the strength of the Puma
Puma is also rejuvenating its product line-up, with particular emphasis on the
Performance running category. The new highly innovative Puma Mobium line,
launched in March, is delivering encouraging initial sell-through.

Significant events of the quarter

  oOn January 3, 2013, Kering announced that it had received a firm offer
    from Alpha Private Equity Fund 6 ("APEF6") to acquire Redcats' Children
    and Family division - comprising the Cyrillus and Vertbaudet brands - for
    an enterprise value of €119 million. On that basis, Kering entered into
    exclusive negotiations with APEF 6. The transaction was completed on
  oOn January 15, 2013, Kering announced that it had acquired a majority
    stake in the luxury designer brand Christopher Kane founded in 2006.
  oOn February 5, 2013, Kering announced the closing of the sale of
    OneStopPlus to Charlesbank Capital Partners and Webster Capital, marking
    the final step in the sale of all of Redcats USA's operations.
  oOn February 25, 2013, Kering announced that Redcats had entered into an
    agreement to sell its Nordic brands Ellos and Jotex to Nordic Capital Fund
    VII for an enterprise value of €275million.
  oFollowing a complete transformation into a world leader focused on apparel
    and accessories in the Luxury and Sport & Lifestyle sectors, on March 22,
    2013, the Group announced its decision to adopt the name "Kering" to
    better reflect its new identity. The Group's change of name will be
    subject to approval at the Annual General Meeting on June18, 2013.
  oOn March 25, 2013, Kering announced the acquisition of a majority stake in
    France Croco, one of the most renowned tanneries of crocodilian skins,
    allowing Kering brands to further secure a sustainable supply of high
    quality crocodilian skins.

Subsequent events

  oOn April 17, 2013, Kering's Board of Directors unanimously approved the
    listing of Groupe Fnac shares through a distribution to Kering
    shareholders. At the Annual General Meeting on June 18, 2013, Kering will
    propose to distribute to its shareholders, as a payment in full of
    dividends in respect of 2012 (an interim dividend of €1.50 having been
    paid on January 24, 2013) a supplementary cash dividend of €2.25 and a
    dividend in the form of Groupe Fnac shares in the ratio of 1 Groupe Fnac
    share for every 8 Kering shares held.
  oOn April 18, 2013, PUMA SE announced the appointment of Björn Gulden as
    Chief Executive Officer effective July 1, 2013. Björn Gulden brings to
    Puma an extensive international experience of nearly 20 years in a variety
    of management positions in the sporting goods and footwear industries,
    notably at Adidas, Helly Hansen and Deichman. Björn Gulden will be a
    member of Kering's Executive Committee.
  oOn April 24, 2013, Kering announced the signing of an agreement with RA.MO
    S.p.A to acquire a majority stake in the Italian jewellery group
    Pomellato. The group operates two brands, Pomellato and Dodo, the first
    positioned within the fine jewellery segment and the latter within the
    accessible jewellery segment. With this acquisition, Kering is extending
    and reinforcing its portfolio of luxury brands in the high growth
    jewellery market. The transaction is subject to the approval of the
    competition authorities and is expected to be finalized in the coming


Kering will  hold a  conference  call for  analysts  and investors  at  6:00pm 
(Continental Europe) /  5:00pm (UK)  / 12:00  (East Coast,  USA), on  Thursday 
April 25, 2013.

Conference call dial-in:
France + 33 (0)1 70 99 42 77
UK  + 44 (0)20 3140 8286
US  + 1 646 254 3364
Access code:  6553428

Replay dial-in:
France + 33 (0) 1 74 20 28 00
UK  + 44 (0)20 3427 0598
US  + 1347366 9565
Replay access code: 6553428 (until May 8, 2013)

The  slides  (PDF)  will  be  available  ahead  of  the  conference  call   at

About Kering*
A world leader  in apparel  and accessories,  Kering develops  an ensemble  of 
powerful Luxury and  Sport &  Lifestyle brands: Gucci,  Bottega Veneta,  Saint 
Laurent, Alexander  McQueen,  Balenciaga,  Brioni,  Christopher  Kane,  Stella 
McCartney, Sergio  Rossi,  Boucheron, Girard-Perregaux,  JeanRichard,  Qeelin, 
Puma, Volcom, Cobra, Electric and Tretorn. By 'empowering imagination' in  the 
fullest sense, Kering encourages its brands  to reach their potential, in  the 
most sustainable manner.
Present in  more than  120 countries,  the Group  generated revenues  of  €9.7 
billion in 2012  and had  33,000 employees  at year  end. The  PPR (in  future 
Kering) share is listed on Euronext Paris (FR 0000121485, PRTP.PA, PPFP).

* PPR will become Kering, subject to approval at the Annual General Meeting on
18 June 2013.

Press contacts
Hélène      Saint-Raymond      +33      (0)1      45      64      61 
Claudia  Mora  +39  02  88   005550

Analyst/investor contacts
Alexandre  de  Brettes  +   33  (0)1  45  64   61 
Edouard  Crowley  +  33  (0)1  45  64  63   28


Appendix: First-quarter 2013 revenue

    (in    €     Q1   Q1  Reported Comparable
million)                         2013          2012 ^(1)    change  change^(2)
Luxury Division                     1,523.4       1,457.9    +4.5%      +6.4%
Gucci                                 865.9         847.9    +2.1%      +4.0%
Bottega Veneta                        229.0         218.0    +5.0%      +8.8%
Saint Laurent                         127.2         108.8   +16.9%     +18.7%
Other brands                          301.3         283.2    +6.4%      +6.9%
Sport    &    Lifestyle               842.7         886.5    -4.9%      -2.5%
Puma                                  781.6         820.9    -4.8%      -2.3%
Other brands                           61.1         65.6   -6.9%      -5.7%
Eliminations                           -1.4          -2.5                  
Kering   -   Continuing             2,364.7       2341.9    +1.0%      +3.1%
^(1) Figures have been restated of Redcats and Fnac  (IFRS         
^(2) Comparable scope and exchange rates.                          



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Source: PPR via Thomson Reuters ONE
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