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Gucci was off 20%, from .6 billion (€5.1 billion) last year to .4 billion (€4.1 .Luxury conglomerate Kering reported a 10% decline in first-quarter sales as Gucci, its flagship brand, grapples with China woes and brand redirection.
Gucci, where Kering derives around half of its sales and more than two-thirds of . In all regions, Gucci was down as measured by performance in its directly operated stores except Japan, which saw a 12% rise in sales from an uptick in tourist traffic. Luxury conglomerate Kering reported a 10% decline in first-quarter sales as Gucci, its flagship brand, grapples with China woes and brand redirection. Sales at Gucci, which accounts for half of annual group sales and two-thirds of profit, continued to slide and were down 25% in the quarter, compared to analysts' consensus .
Last month, the company announced Gucci's first-quarter sales in the Asia Pacific region, which is fueled by China, fell 28% compared to the same period the year prior. In fact, the Italian brand’s organic sales fell 7 percent in the third quarter of 2023, Bloomberg reported on Wednesday. That’s worse than the 6.2 percent drop analysts were .
Kering’s sales fell 16 per cent on a comparable basis to €3.79 billion in the third quarter of 2024, the company said on Wednesday, falling below analyst expectations of a 12 . Second-quarter sales for Gucci dropped 19 per cent to €2 billion, after an 18 per cent decrease in the first quarter. In response, the luxury conglomerate on Wednesday issued . Gucci sales fell as Kering SA’s biggest brand grappled with the twin challenges of a luxury goods slowdown and internal tumult, which is set to weigh on the label’s profitability . A worsening performance at Gucci is expected to drag parent company Kering’s comparable sales down by 10 per cent year-on-year in the first quarter, the luxury .
Signs of slowdown in the luxury industry began with easing sales reported at LVMH, the parent company of Louis Vuitton and Christian Dior. In all regions, Gucci was down as measured by performance in its directly operated stores except Japan, which saw a 12% rise in sales from an uptick in tourist traffic.
Luxury conglomerate Kering reported a 10% decline in first-quarter sales as Gucci, its flagship brand, grapples with China woes and brand redirection. Sales at Gucci, which accounts for half of annual group sales and two-thirds of profit, continued to slide and were down 25% in the quarter, compared to analysts' consensus . Last month, the company announced Gucci's first-quarter sales in the Asia Pacific region, which is fueled by China, fell 28% compared to the same period the year prior.
In fact, the Italian brand’s organic sales fell 7 percent in the third quarter of 2023, Bloomberg reported on Wednesday. That’s worse than the 6.2 percent drop analysts were .
Kering’s sales fell 16 per cent on a comparable basis to €3.79 billion in the third quarter of 2024, the company said on Wednesday, falling below analyst expectations of a 12 . Second-quarter sales for Gucci dropped 19 per cent to €2 billion, after an 18 per cent decrease in the first quarter. In response, the luxury conglomerate on Wednesday issued . Gucci sales fell as Kering SA’s biggest brand grappled with the twin challenges of a luxury goods slowdown and internal tumult, which is set to weigh on the label’s profitability .
A worsening performance at Gucci is expected to drag parent company Kering’s comparable sales down by 10 per cent year-on-year in the first quarter, the luxury .
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