Kering faces 15 per cent drop in sales with Gucci’s major Q3 sales falling

Image Courtesy: www.mondedesgrandesecoles.fr

French luxury group Kering faces a major drop in its third quarter sales with Gucci’s declining business in Q3 due to challenging Asia-Pacific market conditions.

The Luxury Group’s sales went down by 15 per cent to US $ 4.1 million with Gucci’s dropping by 26 per cent to US $ 1.7 billion.

Yves Saint Lauren’s sales also plunged by 13 per cent and several other luxury brands from the group witnessed a 15 per cent drop in their quarterly sales.

However, luxury bag brand Bottega Veneta reported a growth of 4 per cent to US $ 425 million. The group was saved by its eyewear and corporate segment brands which witnessed a growth in sales by 32 per cent to US $ 470 million.

Kering chairman and CEO, Francois-Henri Pinault has said that the group is executing a far-reaching transformation with their discipline and determination. For Gucci, Pinault pointed out that the whole luxury market is facing a slump currently.

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