Gucci-owner Kering posts 16% fall in Q3 sales on weak China demand
October 23, 2024 / /
FRENCH luxury goods group Kering warned on Wednesday its full-year operating income would almost halve after reporting a larger-than-expected drop in third quarter sales, as weak demand in China deepened the struggles of its main label Gucci.
Revenue for the group which also owns fashion brands Saint Laurent, Balenciaga and Bottega Veneta, was 3.79 billion euros (S$5.4 billion), a 16 per cent decline on an organic basis.
The figure undershot an analyst consensus estimate of an 11 per cent decline, according to a Barclays note. REUTERS
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