Sales at French luxury group Kering fell 7% in the fourth quarter, dragged lower by a slump in revenue at its biggest brand Gucci which was hit by COVID lockdowns in China and weaker demand in the United States due to a stronger dollar.
But while Gucci, which accounts for the bulk of profits and revenues at Kering, was the only brand to post a fall in sales, analysts said other labels too posted lower-than-forecast results.
"This release still leaves a few question marks notably on how long and how costly it will be to see a positive inflection at Gucci and whether Saint Laurent's remarkable growth might be starting to normalise," added Battistini.Gucci parted ways with its star designer Alessandro Michele last November and in January announced the appointment of Sabato De Sarno, a relatively unknown designer at rival Valentino, as its new creative director.
Duplaix said the beginning of the year had been "very encouraging" in China after travel restrictions were lifted towards the end of 2022.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gucci slump pushes Kering sales down 7% in Q4Sales at French luxury group Kering fell 7% in the fourth quarter, dragged lower by a slump in revenue at its biggest brand Gucci reflecting COVID-19 disruptions in China.
Read more »
Gucci, Balenciaga Slowdowns Dent Kering’s Q4 ResultsA double-digit slowdown at Gucci and a “difficult” December for Balenciaga contributed to a 7 percent dip in fourth-quarter revenues at Kering.
Read more »
Gucci to Stage ‘Gucci Cosmos’ Exhibition in ShanghaiThe “Gucci Cosmos” exhibition is slated to run in Shanghai, April 28 to June 25, before touring the world. “This is an exhibition that will take visitors on a captivating voyage through the house’s past, present and future,” said Gucci CEO Marco Bizzarri.
Read more »
10.5% Of New Vehicle Sales Now Electric Vehicle Sales In ColoradoLast year, Colorado saw its EV uptake pass the symbolically important 10% marker. In the end, 10.5% of new vehicle sales in Colorado were electric vehicle sales in 2022. That's a great result in the
Read more »
Kering reports revenue that falls short of expectations after sales drop at Gucci, but remains upbeat for 2023Gucci, which contributes a majority of group revenue, booked a 14% drop in fourth-quarter sales, Kering said, pointing to the situation in China, where...
Read more »
ASML: trade war risks increasing, but no 2023 impact on China salesASML Holding NV on Wednesday warned growing global trade and export controls pose a threat to its business, but it does not expect new restrictions on exports to China to affect 2023 earnings.
Read more »