Consumer

Gucci Sales to Plunge 20% in First Quarter on Asia Slowdown, Kering Says

Sales at French luxury company expected to fall 10% overall
Gucci has struggled to bounce back as China shoppers retrench

WATCH: Kering shares tumbled, wiping out more than €7 billion euros from its market value, after sales at Gucci fell about 20% in the first quarter. Angelina Rascouet reports.Source: Bloomberg

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By Eric Pfanner and Angelina Rascouet

March 19, 2024 at 5:18 PM UTC

Updated on

March 20, 2024 at 7:28 AM UTC

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Kering SA warned that sales at Gucci have plunged about 20% in the first quarter due to a steeper-than-expected decline in the Asia-Pacific region, widening the gap between the French luxury company and its stronger rivals.

Kering’s American depositary receipts tumbled 9% late Tuesday after the company’s unscheduled update. The fashion group has been trying to revitalize Gucci, the Italian label that accounts for about two-thirds of profit, without success.