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Gucci Sales Fall as Kering Lags Peers Facing Luxury Slowdown
- All Kering units suffer quarterly revenue drop except eyewear
- Gucci underperformance set to hurt 2023 profit margin
Comparable revenue at Gucci slid 7% in the third quarter.
Photographer: David Paul Morris/BloombergGucci sales fell as Kering SA’s biggest brand grappled with the twin challenges of a luxury goods slowdown and internal tumult, which is set to weigh on the label’s profitability this year.
Comparable revenue at Gucci slid 7% in the third quarter, Kering said Tuesday after markets closed. Analysts expected a drop of 6.2%. Overall, sales at the Paris-based company declined 9%, also missing estimates.