Gucci leads huge sales decline for Kering

Kering saw significantly lower sales in the third quarter, with Gucci posting the largest decline due to challenging market conditions in Asia Pacific.

Kering’s sales fell 15 per cent to €3.79 billion (US$4.1 million) as Gucci plunged 26 per cent to €1.6 billion.

Yves Saint Lauren dipped 13 per cent to €670 million while Bottega Veneta grew 4 per cent to €397 million.

Revenue from the group’s other luxury brands slid 15 per cent to €686 million.

The only bright spot was its Eyewear and corporate segment where sales surged 32 per cent to €440 million.

“With discipline and determination, we are executing a far-reaching transformation of the group, and at Gucci in particular, at a time when the whole luxury sector faces unfavourable market conditions,” said Francois-Henri Pinault, Kering chairman and CEO.

“Our absolute priority is to build the conditions for a return to sound, sustainable growth, while further tightening control over our costs and the selectivity of our investments.”

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