Like-for-like sales at luxury goods group down by 10% in first quarter, weighed by nearly 20% fall at Gucci
The French billionaire François-Henri Pinault’s luxury goods company, Kering, has issued a profit warning of falling revenues, as demand dries up for its leading brand Gucci in China.
Unlike its rivals in the sector, which have fared better, the Paris-based company said like-for-like sales in the first quarter would drop by 10% year on year, while sales at Gucci were expected to fall by nearly 20%.
