Kering’s Gucci Warning Wipes $6.8 Billion Off Market Value

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

WATCH: Kering 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 20, 2024 at 8:19 AM UTC

Updated on

March 20, 2024 at 4:54 PM UTC

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Kering SA shares plunged after the French luxury group warned that sales at its Gucci brand have fallen about 20% in the first quarter as its brash look loses favor with Chinese shoppers.

The stock dropped 12% in Paris trading, its steepest decline since March 2020, wiping about €6.3 billion euros ($6.8 billion) from Kering’s market value.