Kering reports profits ‘lower than expected’ as Gucci sales decline
Inside Retail
JULY 25, 2024
Luxury conglomerate Kering has reported profits “lower than expected” after its revenue dropped 11 per cent to US$10.6 billion in the half-year financial results. The group’s sales decline is largely attributed to poor performance at Gucci , which accounts for almost half of its sales and two-thirds of its profits. Gucci’s revenue declined by 20 per cent to $4.8 billion, down 18 per cent compared to the previous period.
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