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Kering warns of a 20% slump in Gucci sales for the first quarter

Mar 20, 2024 France
Kering warns of a 20% slump in Gucci sales for the first quarter
The French-based luxury group has issued a preliminary statement for the first quarter, warning of a 10% drop in sales, led by its star house Gucci
Despite the brand’s turnaround efforts, sales have been further impacted by the weakness in demand. Kering estimates that its first quarter consolidated revenue will decline by approximately 10% on a comparable basis, as compared to the first quarter of last year, with the performance of Gucci weighing heavily on these results as sales are expected to be down by 20% year-on-year.

“This performance primarily reflects a steeper sales drop at Gucci, notably in the Asia-Pacific region. Gucci comparable revenues in the first quarter are expected to be down by nearly 20% year on year”, said the group in a statement.

However – continued Kering –, “The new collection (Ancora), whose availability will gradually be ramped up over the coming months, is meeting with a highly favourable reception”.

The French-based group will announce its first quarter results on the 23rd of April.


Image Credits: thedenizen.co.nz

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