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Gucci slump sparks profit warning from owner Kering
The Guardian
|March 21, 2024
The French billionaire François-Henri Pinault's luxury goods company, Kering, has issued a profit warning as demand dries up for its leading brand Gucci in China.
The Paris-based company said like-for-like sales in the first quarter would drop by 10% year on year, while sales at Gucci were expected to fall by nearly 20%.
"This performance primarily reflects a steeper sales drop at Gucci, notably in the Asia-Pacific region," said Kering, whose other luxury names include Saint Laurent, Balenciaga and Alexander McQueen.
Gucci accounts for about half of its parent firm's revenues and two-thirds of its operating profit. The Italian fashion house has embarked on a turnaround plan under new management and a new creative director, Sabato De Sarno.
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