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Kering Falls After China Lockdowns Weigh on Gucci Sales

  • Kering blames China restrictions for ‘mixed’ sales at brand
  • Yves Saint Laurent’s organic growth surpasses estimates
A Gucci store in Hong Kong.

A Gucci store in Hong Kong.

Photographer: Paul Yeung/Bloomberg
Updated on

Kering SA shares tumbled after growth at Gucci, its biggest brand, missed estimates in the first quarter, hindered by lockdowns in China.

Sales at Gucci, which generated more than half of Kering’s revenue in the period, rose about 13% on a comparable basis, the Paris-based company said Thursday. Analysts had predicted a gain of almost 19%.