Kering revenues fall again, -11% to 9 billion
The world's second-largest group after Lvmh announced a half-yearly report that confirms the industry's difficult moment, with Gucci still not turning the corner
1' min read
1' min read
Kering's accounts continue the week of half-yearly reports from luxury companies and groups. Yesterday was a disappointment for Lvmh, world leader in the sector: revenues fell by 1% to 47.1 billion, operating profit fell by 14% and both figures were below analysts' expectations. Hence the difficult day for all listed stocks, from Milan to Paris via London and New York.
Hours of pessimism and declines
.Today there were two more important tests, of the French group Kering (second in luxury only to Lvmh, but with four times less turnover) and Moncler. No one, neither analysts nor non-financial fashion and luxury observers, expected positive numbers for Kering, which dropped 7% just before the close in Paris. And so it was, and the biggest disappointment is once again Gucci, the group's main brand, which quarter after quarter does not show the results of the ongoing creative and organisational turnaround (above, the fashion show at the Tate Gallery in London, the most recent for the collections signed by creative director Sabato De Sarno).
Turnover under 10 billion
In the half-yearly report the drop was 11% to 9 billion, even worse was Gucci (-20% to one billion). Profit plummeted from 2.7 billion to 1.6 billion (-42%)
