The French luxury group announced that second-quarter comparable sales plunged by 43.7% due to the Covid-19 pandemic, stressing it could not provide a forecast for the second half of the year, despite an encouraging recovery in Asia, reports ILM.
Kering said in a statement that it lacked enough visibility to forecast revenue trends or margins for the rest of the year. Chief Financial Officer Jean-Marc Duplaix told media the absence of tourist flows, which account for a large proportion of luxury sales, would weigh on the industry for some time yet. However, according to Duplaix, sales momentum had picked up in June in all regions as lockdowns eased, with the group's brands doing particularly well in China - average sales growth there ranged from 40% to 70% since May.
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