Consumer
Tougher Times for Luxury Brands Separate Winners From Losers
- Kering’s Gucci, Balenciaga suffer while Hermes shows dominance
- Some quieter brands reap the benefits amid uncertain times
This article is for subscribers only.
The luxury-goods industry’s first slowdown since the pandemic is separating the winners from the losers.
Kering SA warned that its flagship Gucci brand will see a drop in profitability this year, with no sign of a rebound in 2024. The Italian label is getting hit harder than rivals as internal turmoil worsens the effect of weakening global demand.