Gucci is planning to increase annual sales by more than 50%

Gucci and Yves Saint Laurent-owner Kering aims to increase sales more than 50% with new stores and higher prices

Gucci is planning to increase annual sales by more than 50 per cent as it opens stores and raises prices. 

The fashion label – which is owned by French luxury group Kering – raked in sales of £8.3billion last year. 

Kering told investors yesterday this would rise to almost £13billion over the medium term. 

In demand: Gucci raked in sales of £8.3bn for owner Kering last year which predicts this will rise to almost £13bn over the medium term

Kering also owns Yves Saint Laurent, Alexander McQueen and Bottega Veneta. But Gucci is its flagship label and profit engine. 

The group expects to grow the brand’s sales through a combination of more shoppers in stores, expanded store networks and higher prices. 

The luxury goods giant plans to raise prices periodically and continue increasing the proportion of higher end products in its collections of luxury items such as handbags made of precious leathers, customised shoes and top end jewellery. 

Kering has also upgraded its targets for Yves Saint Laurent, saying it will double sales to more than £4billion. 

And it is targeting revenues of £1.7billion a year from its glasses division. Kering shares, listed in Paris, fell 1.5 per cent