Kering SA (KER.PA)
- Yahoo Finance Video
Luxury retail slump: Kering predicts 30% sales drop in H2
The luxury retail sector is showing signs of weakness. French brand Kering (KER.PA) — which owns brands like Gucci and Balenciaga — expects sales to drop 30% in the second half of this year compared to last year. This news comes as other luxury giants like LVMH (MC.PA) — owner of Louis Vuitton and Dior — also report disappointing earnings, hinting at a broader slowdown for the high-end retail market in regions like China. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Angel Smith
- Reuters
Kering shares tumble after weak H2 forecast
PARIS (Reuters) -Shares in Gucci owner Kering fell sharply in early trade on Thursday after the French luxury goods group reported a bigger-than-expected drop in second-quarter sales and warned of a weak second half on subdued demand in China. Kering shares were down 7.7% to 277.45 euros at 0834 GMT in a broadly weaker equities market, hitting their lowest level since August 2017. The shares had already fallen to their lowest level in seven years earlier this week.
- Investing.com
Gucci owner Kering stock down on weak earnings
Luxury conglomerate Kering (EPA:PRTP), best known for its Gucci brand, saw its shares tumble on Thursday after reporting a disappointing set of second-quarter results. The company’s overall sales dipped by 11% year-on-year on a constant currency basis, a steeper decline than analysts had anticipated. Gucci's revenue declined significantly in the first half of 2024, falling 20% year-over-year to €4.1 billion.
