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Gucci’s owner yesterday posted a huge slump in quarterly sales amid deepening gloom in the luxury sector.
Kering, which also owns Yves Saint Laurent and Balenciaga, said that sales fell 15 per cent to £3.2billion in the three months to the end of June.
At its flagship label Gucci, which makes up for the bulk of the firm’s profits, and counts victorious Lioness football captain Leah Williamson as an ambassador, sales tumbled by a quarter to £1.3billion.
Shares have lost around a quarter of their value in a year making it one of the worst-performing luxury goods stocks.
Chairman and chief executive Francois-Henri Pinault admitted that the results ‘remain well below our potential’.
The luxury sector has been struggling with a slump in demand from Chinese and American tourists.
Sales down: Gucci, which counts Lioness football captain Leah Williamson (pictured) as an ambassador, saw sales tumble by a quarter to £1.3bn
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Gucci given a kicking: Luxury label’s sales plunge amid deepening gloom in the sector
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