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Kering drops 11% as luxury braces for tough winter
Kering stuck with its turnaround plan and raised store-closure targets after Gucci’s 6% sales drop missed analyst forecasts.
- Shares in Gucci-owner Kering fell 10% on Friday, October 23, 2026, after the group reported a 6% sales drop at Gucci, worse than the 5.4% decrease analysts expected.
- Kering reported revenues of 3.35 billion euros for the third quarter, struggling with a sector-wide slowdown in demand across China that dampened its primary profit engine.
- CEO Luca de Meo is accelerating store closures, targeting 125 by year-end, while continuing a turnaround plan to revitalize brand desirability and consumer appeal.
- LVMH and Hermes share prices dipped 1% to 1.5% as rising crude prices and economic pressures constrained consumer spending on luxury goods across the sector.
- JPMorgan analyst Chiara Battistini noted that "the progress made on improving brand desirability remains in its very early stages," as Kering plans to intensify clienteling efforts throughout the fourth quarter.
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13 Articles
13 Articles
Gucci owner Kering drops 12% as luxury braces for tough winter
·London, United Kingdom
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Kering drops 11% as luxury braces for tough winter
Shares in Gucci owner Kering dropped 11% this morning after the group reported further sales declines, but said it would stick with CEO Luca de Meo's turnaround plan and accelerate store closures, aiming for 125 by the end of the year.
·Ireland
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Gucci owner Kering drops 11% as luxury braces for tough winter
The long-promised luxury market recovery remains elusive as the widening Middle East war and China’s tax crackdown on the wealthy added pressure on the world’s biggest luxury groups in the third quarter.
·Petaling Jaya, Malaysia
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The French luxury giant is heavily sanctioned by investors after disappointing results, especially for its Gucci brand in China. ...
·Brussels, Belgium
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Coverage Details
Total News Sources13
Leaning Left0Leaning Right1Center8Last UpdatedBias Distribution89% Center
Bias Distribution
- 89% of the sources are Center
89% Center
C 89%
11%
Factuality
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