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Luxury group Kering shot to the top of European stock markets on Wednesday morning, after the owner of Gucci and Balenciaga reported record first quarter sales.

In a trading update released after markets closed yesterday, the French group said revenues in the three months to March were 31 per cent higher than the same period last year, at €3.57bn.

Luca Solca, luxury goods analyst at Exane BNP Paribas, said the results were “beyond the rosiest buyside expectations”, and shares in the group reflected the positive surprise this morning, rising 9 per cent by publication time to €283.

(Image: Bloomberg.)

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