Kering SA, Gucci owner, faces 50% profit drop due to reduced Chinese demand.

Kering SA, owner of Gucci, is experiencing its largest share decline since 2008, primarily due to reduced demand in China. The French luxury brand expects its annual profits to plummet nearly 50%, with third-quarter revenue falling 15% to €3.79 billion, missing estimates. Gucci's sales dropped 25%, prompting a major transformation under new CEO Stefano Cantino. Kering anticipates 2024 operating income around €2.5 billion, down from €4.75 billion in 2023.

October 23, 2024
15 Articles

Further Reading