Kering plans ambitious expansion

Kering Group, owner of Gucci, Saint Laurent and Bottega Veneta brands, plans to open a minimum of 10 stores across a diverse brand portfolio in China annually to bolster its growth, said a senior executive of the Paris-headquartered luxury conglomerate.

Jean-Marc Duplaix, Kering's deputy CEO in charge of operations and finance, said that Chinese consumers contributed to 26 percent of the company's total sales in the third quarter of this year. They are expected to increase their international travel and make additional purchases in various countries.

Kering has around 6,000 staff members and more than 400 stores — almost a quarter of its global retail network — across 40 Chinese cities. Half of Kering's stores in China were opened during the past decade.