French luxury group Kering reported a bigger-than-expected drop in third quarter sales, underperforming major rivals as its top brand Gucci and other fashion labels all suffered from a slowing appetite for high-end clothes and accessories. The French luxury group, which also owns Yves Saint Laurent, Balenciaga and Bottega Veneta, said on Tuesday that sales for the third quarter came in at 4.46 billion euros ($4.72 billion), a 9% drop at constant currencies and scope, below consensus expectations for a 6% decline. Gucci, which accounts for over a half of Kering's annual sales and is in a middle of a revamp following a disappointing performance over the past two years, saw a fall in sales of around 7%.
Kering sales down 9% as luxury slowdown stalls revamp By Reuters investing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investing.com Daily Mail and Mail on Sunday newspapers.
Kering may have witnessed double-digit declines in the third quarter, but that won't stop the group from investing in its brands, cleaning up the wholesale network, and putting a fresh focus on Gucci and Balenciaga.
By Mimosa Spencer PARIS (Reuters) - French luxury group Kering reported a bigger-than-expected drop in third quarter sales, underperforming major riva.
Gucci Sales Fall as Kering Lags Rivals Facing Luxury Slowdown bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.