Group sales for the three-month period ended 30 September were down 5% year on year, as revenue from Kering‘s direct-to-consumer channel dropped 6% year on year and wholesale slipped 2%.
Gucci sales fell 18% year on year to €1.3bn (£1.13bn), though performance improvement in North America and Western Europe, supported by new leather goods lines and the ‘La Famiglia’ SS26 collection from new artistic director Demna Gvasalia.
Yves Saint Laurent revenue fell 7% year on year to €620m (£539m), while Bottega Veneta posted a 1% dip to €393m (£341.5m), offset by double-digit gains in North America and strong demand for the Campana bag.
Revenue across Kering’s Other Houses division, which includes Balenciaga, Alexander McQueen, Brioni and the jewellery portfolio, was broadly stable, up 1% to €652m (£566.5m).
Kering chief executive Luca de Meo said the results, while improved from a 15% slump in group sales at the same time last year, “remain far below that of the market”.
He said: “This reinforces my determination to work on all dimensions of the business to return our houses and the group to the prominence they deserve. We are working relentlessly on our turnaround.”
De Meo joined Kering on 15 September from automotive business Renault, succeeding Francois-Henri Pinault, who has been at the helm since 2005 and has retained his role as chairman.
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