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Kering to Reorganize Luxury Unit as Division Head Leaves Company

Kering SA said it will reorganize its luxury division after its managing director stepped down, while reporting a 1.2 percent gain in first-quarter sales as revenue at its Gucci business slowed.

Revenue rose to 2.4 billion euros ($3.32 billion), Paris-based Kering said late yesterday. Analysts predicted 2.37 billion euros. Luxury sales advanced 6.3 percent, excluding acquisitions and currency fluctuations, topping the 6.2 percent median estimate.