Kering said sales increased by 14% in its third quarter, driven by strong results in Europe, although Gucci revenues lagged behind overall growth.

With the dollar strong in Europe and the Chinese market recovering from COVID-19 restrictions, luxury giants are disregarding concerns that the industry’s post-pandemic boom may cool.

With overall sales of 5.137 billion euros in the three months to September, Kering also benefited largely from that trend. Analysts had predicted a 12% increase on a comparable basis, which strips out currency fluctuations. However, Gucci’s sales grew by 9%, below a consensus forecast of 11%.

The label’s performance in China was “mixed” and “has yet to normalize,” said Kering’s finance chief Jean-Marc Duplaix. Following years of stellar growth, Gucci has underperformed rivals Louis Vuitton and Hermes in terms of its sales, which accounts for the bulk of profits at Kering. Too bad the turnover is not like Gucci’s collection this season, a double vision.