Saint Laurent’s 2023 revenue reached €3.179 million, reflecting a 4% decline from 2022, while its 2024 revenue dropped further to €2.881 million, down 9% from the previous year. The brand's operating income followed a similar trend, with 2023's recurring operating income at €969 million, dropping 39% to €593 million in 2024. The decline in operating margin, from over 30% in 2023 to 20,6% in 2024, reflects increased investments in collections, store expansions, and customer engagement.
Saint Laurent’s revenue performance fluctuated across regions in both years. The Asia-Pacific and North American markets showed notable improvement in the latter half of 2024, helped by successful new leather goods collections. However, Western Europe continued to face economic challenges.
| Region |
2023 Performance |
2024 Performance |
| Asia-Pacific |
Moderate growth |
Sequential improvement in H2 2024 |
| North America |
Decline, but improving |
Recovery driven by new collections |
| Western Europe |
Gradual decline |
Ongoing challenges, weaker demand |
Wholesale revenue fell significantly in both years, dropping 26% in 2023 and 25% in 2024. In Q4 2024, wholesale revenue declined 35%, highlighting Saint Laurent’s continued push towards direct-to-consumer sales. Despite these declines, the brand saw positive reception for its new leather goods line and reimagined iconic handbags, particularly in Asia-Pacific and North America. However, weaker luxury demand in Western Europe continued to impact overall performance.
Saint Laurent’s directly operated retail network declined 4% in 2023 and 7% in 2024, reflecting the brand’s strategic shift towards prioritising exclusivity over volume. The e-commerce segment also saw declines in both years, aligning with broader industry trends of slowing luxury online demand. While digital sales remained a key component of the brand’s strategy, growth in physical store presence was prioritised in 2024 to reinforce the in-person luxury shopping experience.
Strategic Developments & Brand Expansion
Retail Growth & Flagship Expansion
- In mid-2024, Saint Laurent initiated store refurbishments in key global locations, aligning with its premium retail strategy.
- In April 2024, Saint Laurent opened a flagship store in Seoul, South Korea, reinforcing its expansion in the Asian luxury market.
- The brand expanded further in Shanghai and Dubai, unveiling new boutiques in December 2023.
- On 9 November 2023, Saint Laurent opened its largest global flagship store on the Champs-Élysées, Paris, reinforcing its position in high-profile retail districts. The expansive three-level store spans over 900 square meters and incorporates Saint Laurent’s signature architectural aesthetic.
Wholesale Optimisation
- Throughout 2023 and 2024, Saint Laurent continued reducing its reliance on wholesale, prioritising direct sales channels to enhance brand exclusivity.
This shift aligns with broader industry trends as luxury brands tighten control over product distribution.
- In February 2024, Kering Group reaffirmed its commitment to limiting third-party distribution, ensuring a more selective approach to wholesale partnerships.
## Marketing & Brand Ambassadors
- Saint Laurent reinforced its high-profile ambassador campaigns, partnering with influential celebrities to bolster brand appeal.
- In September 2023, Rosé of BLACKPINK led a ready-to-wear and accessories campaign, strengthening engagement with younger luxury consumers.
- Austin Butler and Zoë Kravitz featured in December 2023 marketing initiatives, reinforcing Saint Laurent’s ties to Hollywood.
- The Spring 2024 campaign, launched in January 2024, showcased a curated selection of high-profile entertainers and fashion influencers.
- In March 2024, Saint Laurent announced a new collaboration with Jenna Ortega, further cementing its presence among younger consumers.
Future Outlook & Strategic Direction
Saint Laurent’s strategy remains focused on enhancing retail exclusivity, optimising wholesale distribution, and fortifying brand desirability. While the 2023 revenue decline of 4% was followed by a 9% drop in 2024, the company continues to prioritise investments in retail expansion and product innovation to regain momentum.
Looking ahead to 2025, Saint Laurent plans to further refine its retail strategy by expanding into high-growth markets, particularly in Asia and the Middle East. Additionally, the brand is expected to continue investing in high-margin categories, including leather goods and accessories, which have shown strong resilience amid broader market fluctuations.
The wholesale restructuring strategy will remain in focus, with further consolidation of third-party distribution channels to maintain brand exclusivity and elevate pricing power. Digital sales are also expected to undergo strategic adjustments, with enhanced e-commerce experiences and personalised client engagement initiatives set to launch in the second half of 2025.
In November 2024, Kering Group announced the appointment of Cédric Charbit as the incoming CEO of Saint Laurent, with the role taking effect from 2 January 2025. Charbit, who will take over from Francesca Bellettini, is expected to guide the brand’s next phase of growth by capitalising on its distinctive identity, legacy, and market stature. Meanwhile, Bellettini continues in her capacity as Deputy CEO of Kering Group, overseeing group-wide brand development.
With ongoing luxury market normalisation and geopolitical uncertainties, Kering Group acknowledges short-term pressures but maintains confidence in Saint Laurent’s long-term growth trajectory. The brand’s flagship expansions, wholesale reductions, and marketing activations are expected to solidify its positioning in the evolving luxury landscape. If macroeconomic conditions stabilise, 2025 could be a pivotal year for Saint Laurent to return to revenue growth, supported by its revised retail strategy and new product initiatives.
Read the full Saint Laurent brand report Here.
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