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Luxury Group Kering Reports Gucci Sales Slump as Turnaround Plan Faces Fresh Pressure
Gucci’s 11th straight quarterly decline offset gains in jewelry and eyewear, as Kering said group revenue was flat on a comparable basis.
- On Tuesday, French luxury group Kering reported Q1 group revenue of €3.57 billion, down 6.2%, as flagship brand Gucci's sales fell 14.3% to €1.35 billion, marking the 11th consecutive quarterly decline.
- The conflict in the Middle East disrupted operations, with Kering noting that regional retail revenues declined 11% in the first quarter, shaving off growth across the group.
- Jewelry and eyewear divisions provided rare bright spots, with Kering Jewelry revenues rising 22% to €269 million and Kering Eyewear increasing 7% to €489 million.
- Investors await Thursday's Capital Markets Day in Florence, where CEO Luca de Meo will unveil his strategic roadmap, following a 2.9% rise in Kering's shares after Tuesday's results.
- Kering's turnaround mission aims to restore growth by 2026, resetting product architecture and strengthening category focus with new collections rolling out progressively in stores throughout the year.
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35 Articles
Kering plunged into the Paris Stock Exchange on Wednesday 15 April, after the publication of his quarterly results. However, according to a press release, the turnover is stable with comparable data.
Luxury group Kering reports Gucci sales slump as turnaround plan faces fresh pressure
Gucci sales fell 8 per cent in the first quarter, missing analyst estimates and adding pressure on Kering chief executive Luca de Meo as he pushes ahead with plans to revive the Italian luxury house.
·Singapore
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ABC FOX Montana+18 Reposted by 18 other sources
Gucci -- again -- drags down Kering's performance
French luxury group Kering saw sales slide by six percent in the first quarter of this year, with its troubled flagship Gucci fashion house still dragging down its performance.
·Missoula, United States
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Kering must meet with investors on Friday (16), an event in which he plans to detail his new plan
·Brazil
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Coverage Details
Total News Sources35
Leaning Left4Leaning Right4Center8Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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