What: US tourists splurge in Europe causing Kering sales to rise 23% for the third quarter.

Why it is important: Due to the weakness of the euro in comparison to the US dollar, American tourists have been spending more on luxury in Europe which has helped keep Kering’s performance high despite inflation and uncertainty.

The strength of Western Europe has been demonstrated as this region posted a 74% jump for the group. North America was up just 1%, while Japan saw a 31% increase. Overall Asia-Pacific remains subdued with 7% growth due to ongoing restrictions to prevent the spread of Covid-19.

Since the beginning of 2021, Kering’s share price has fallen 35% in light of the looming recession, inflation, supply chain disruptions, lockdowns in China and war in Ukraine.

Tourism raises Kering’s sales in Europe for Q3