Gucci is giving the luxury business an eye-catching makeover. Operating profit at Paris-based Kering, the Italian label’s 39 billion-euro owner, rose 57 per cent in the first half of the year to 1.3 billion euros. The catwalk-worthy performance avoided discounting or the sector’s old trick of opening new stores. Until rivals can copy it, they will envy the French group’s look.

Its two biggest luxury brands, Gucci and Saint Laurent, put on the best shows with comparable sales growth of 43 per cent and 29 per cent, respectively, in the first six months of 2017 compared with a year earlier. Gucci’s performance was particularly impressive. It generates over 70 per cent of Kering’s operating income and was considered passé just three years ago. If it stays on the same trajectory for the rest of the year, Kering will be close to its long-term ambition to grow the flagship label’s annual sales to 6 billion euros. And at 32 per cent, Gucci’s operating margin in the first half was comfortably above the goal of 30 per cent.