French luxury group Kering warned Tuesday that Gucci sales look set to fall 20% in the first quarter as declining Asia sales continue to weigh on the fashion brand.
The rare profit warning forecasts overall group revenues to drop 10% in the first three months of 2024.A Gucci store at Harbour City shopping mall, operated by Wharf Holdings Ltd., in Hong Kong, China, on Friday, June 2, 2023.plunged 13% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions.
"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." CEO Francois Henri Pinault said at the time that the group would continue investing in its brands, including in Gucci, even if it meant reaping lower margins,
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