PPR. Kering

Yesterday Kering, the group-formerly-known-as-PPR, announced their Q1 results, and, as with rival LVMH, they were a little…slimmer than usual: up only 3.1% on a comparable basis and 1.0% on first-quarter 2012 (the luxury was up 6.4%, but the sports lifestyle side was struggling). To paraphrase the reaction: shock, horror, luxury slowdown! Except for one thing: the bright spot in the presentation was YSL. This is, of course, the first test of new creative director Hedi Slimane, and despite a large amount of angst surrounding his debut, at least on the part of the industry, he seems to have passed it pretty well. So how did everyone (except the guys who hired him) get it so wrong?