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Gucci owner Kering issues profit warning after China sales slump
Like-for-like sales at luxury goods group down by 10% in first quarter, weighed by nearly 20% fall at Gucci
The French billionaire François-Henri Pinault’s luxury goods company, Kering, has issued a profit warning of falling revenues, as demand dries up for its leading brand Gucci in China. “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. In contrast, the larger rival luxury groups LVMH, which owns Louis Vuitton, Dior and Tiffany, and the Birkin bag maker Hermès posted double-digit sales growth between October and December.
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