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…
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 on a comparable basis, setting the fashion house apart from other luxury linesSign up for NBC New York newsletters. "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."results in 2021 that were driven by an early pandemic-era boom.
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