US EditionKering hit by weak sales at Gucci
- Kering reported a 12% decline in fourth-quarter revenues to 4.39 billion euros, impacted by a 24% drop in Gucci sales, according to the company's report.
- Gucci's sales fell significantly due to a failed aesthetic overhaul, leading to a 24% drop compared to the previous year, according to Kering's announcement.
- Kering's CEO, François-Henri Pinault, expressed confidence in reaching a "point of stabilization" and plans for gradual growth moving forward.
- Analysts predict that Gucci will not rebound until next year, with the new designer's appointment potentially slowing progress, according to RBC.
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14 Articles
Gucci will bounce back, Kering says after profit slump
Gucci will bounce back soon, the Italian fashion house's parent company Kering said on Tuesday after its poor showing contributed to the group's profits falling to 1.13 billion euros in 2024, down by 62% with respect to the previous year. (ANSA)
·Italy
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Kering slightly beats fourth-quarter forecasts but sales at embattled Gucci brand plunge 24%
French luxury goods firm Kering on Tuesday reported better-than-expected fourth-quarter sales that were nevertheless down year-on-year amid lagging demand for its main Gucci label.
·United States
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The sales and profits of the owner of Gucci, Saint Laurent and Balenciaga have plunged last year. The rebound of its Italian flagship brand will still be waiting.
·Paris, France
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Coverage Details
Total News Sources14
Leaning Left0Leaning Right2Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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