The Gucci division saw retail sales growth of 11.4 per cent in November, following 12 per cent growth in the third quarter. Sales growth has accelerated to 21.6 per cent in the first two weeks of December. However, losses at Yves Saint Laurent fashion widened to €20.7m.

Total sales rose 12.8 per cent to €695m across the third quarter. Chief executive Domenico de Sole said: "Our fourth-quarter performance continues to be outstanding, and I believe that we will achieve excellent results for the remainder of the year.

"The iconic Chain horse-bit handbag as well as the spectacular fall ready-to-wear collection have been driving traffic into the Gucci stores and generating strong sales worldwide."