Gucci Owner Kering Urges Caution on China Luxury Rebound
- First-quarter sales fell 16% amid coronavirus lockdowns
- Mainland Chinese sales turned positive in April, CFO says
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French fashion company Kering gave a cautious assessment of rebounding luxury sales in China following a “deep impact” for flagship brand Gucci in the first quarter.
Sales in mainland China turned positive in April for Kering, whose other brands include Saint Laurent and Balenciaga, Chief Financial Officer Jean-Marc Duplaix told reporters Tuesday, citing the repatriation of tourist spending as well as pent-up demand following the coronavirus lockdown as factors supporting the recovery.