Sales at the French group, which also owns fashion brands Bottega Veneta and Balenciaga and jeweller Boucheron, fell to 4.97 billion euros ($5.36 billion) in the final three months of the year, despite improvement in the United States and Europe.
PARIS (Reuters) -Kering posted a 4% decline in fourth quarter sales, hit by slowing demand for fashion as it seeks to turn around its top brand Gucci, and cautioned that investments in its labels could affect margins in 2024. Sales at the French group, which also owns fashion labels Bottega Veneta and Balenciaga and jeweller Boucheron, fell to 4.97 billion euros ($5.36 billion) in the final three months of the year, despite improvement in the United States and Europe. "The end of the year confirmed the trends of the rest of the year with an improvement for us in the United States and slightly in Europe," Kering chief financial officer Armelle Poulou told reporters.
Kering, whose other houses include Yves Saint Laurent, Balenciaga and Bottega Veneta, reported a 17 percent drop in net profit to 2.98 billion euros ($3.2 billion).
French luxury giant Kering on Thursday reported a drop in 2023 earnings but vowed to press on with its investment strategy to put flagship brand Gucci "back on track".