29 April 2024

Luxury - Official figures confirm Q1 decline for Kering

Luxury group Kering has confirmed first-quarter revenues of €4.5 billion, down by 11% year on year. Preliminary statements the group made in March prepared the market for a double-digit decrease. Report by Leatherbiz.

Chief executive, François-Henri Pinault (pictured), said the group had been prepared for “a challenging start to the year”, but added that the situation had “worsened considerably” in the course of the first quarter.

He pointed to “sluggish market conditions”, notably in China and the “strategic repositioning” of parts of its business, starting with its biggest brand, Gucci, as factors that had “exacerbated downward pressures”.

Mr Pinault concluded: “All of us are working tirelessly to see Kering through the current challenges and rebuild a solid platform for enduring growth.”

Gucci’s revenues for the quarter fell by 21% to reach €2.1 billion and were particularly impacted by a sharp decline in Asia.

At Yves Saint Laurent, the decline was 8%, with revenues for the quarter reaching €740 million, with Asia, again, as the worst-performing market.

Revenues at Bottega Veneta were steadier at €388 million, down by 2% year on year. This brand, too, experienced a fall in sales in Asia, but reported strong growth in North America, Europe and the Middle East.

關於亞太區皮革展 ​



我們主辦多個專注時尚及生活潮流的商貿展覽會, 為這不斷變化的行業,提供最全面的買家及參展商服務,方便他們了解急速轉變的行業環境,並預測來季趨勢。