Kering sales slump as crisis deepens at Gucci

Luxury Billionaire’s Wealth Slides as Heir Fails to Revive Gucci

Francois Pinault, the octogenarian founder of Kering SA, has seen his family’s fortune drop by more than two-thirds since a pandemic-era boom as his son struggles to turn around the French luxury conglomerate’s biggest brand, Gucci.

Kering’s luxury woes persist as Gucci’s demand doldrums weigh on sales

Gucci, which has struggled to connect with high-end buyers, accounts for nearly half of Kering’s annual sales.

Gucci is still out of fashion as sales slump again

Gucci sales continue to struggle.SEBASTIEN DUPUY/AFP via Getty ImagesGucci sales fell 25% in the first quarter to 1.6 billion euros.The decline contributed to a 14% decrease in owner Kering's revenues for the first three months.CEO François-Henri Pinault said Kering faced a "difficult start to the year" as anticipated.Gucci sales plunged in the first three months of the year as the luxury downturn showed no signs of abating. The worse-than-expec…

Gucci sales nosedive 25% as Kering losses deepen

The luxury conglomerate posted a company-wide revenue decline of 14% in Q1 and announced store closures amid a downturn in both wholesale and retail earnings.

Kering shares down 5.42% after sales drop more than expected

PARIS (Reuters) -Shares of Kering dropped 5.42% at market open on Thursday, after the company reported first-quarter sales below analysts’ expectations. Kering after the market close on Wednesday reported a 14% annual decline in sales, with a 25% drop at flagship label Gucci, adding to evidence the luxury sector faces another tough year. The sales report confirmed “a weakening backdrop” since February, said analysts at Jefferies noting “the unce…

Shares of Gucci-owner Kering drop 5% after first-quarter sales slump

Shares of Kering fell on Thursday after the French luxury goods group posted lower than expected first-quarter sales and pointed to further macroeconomic headwinds ahead.