French luxury goods firm Kering on Tuesday reported better-than-expected fourth-quarter sales that were nevertheless down year-on-year amid lagging demand for…
French luxury goods firm Kering on Tuesday reported better-than-expected fourth-quarter sales that were nevertheless down year-on-year amid lagging demand for its main Gucci label.
Kering is the latest European luxury group to report earnings over recent weeks, as investors look for signs of revival in a sector hampered by a downturn in consumer spending, particularly in China.The high-end fashion group, whose brands also include Bottega Veneta, Balenciaga and Alexander McQueen, posted a 12% decline in fourth-quarter revenues to 4.39 billion euros , just slightly ahead of the 4.29 billion euros forecast by LSEG analysts.
The French fashion house pointed to a slight improvement in Asia Pacific and North America sales across its Gucci, Yves Saint Laurent and Bottega Veneta brands, but did not provide details on specific markets.Kering is the latest European luxury group to report earnings over recent weeks, as investors look for signs of a revival in a sector hampered by a downturn in consumer spending, particularly in the key Chinese market.
On Thursday, the fashion group announced the departure of Gucci design chief Sabato De Sarno, in the first major change since Gucci CEO Stefano Cantino joined last year to revive the brand. Minimalist designer De Sarno was in situ for less than two years, after replacing Alessandro Michele, whose maximalist designs defined the brand over previous years.
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