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Kering slightly beats fourth-quarter forecasts but sales at embattled Gucci brand plunge 24%

Pelican Press

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Kering slightly beats fourth-quarter forecasts but sales at embattled Gucci brand plunge 24%

A Gucci store, operated by Kering SA, in the Sanlitun area of Beijing, China, on Saturday, Oct. 12, 2024. 

Bloomberg | Bloomberg | Getty Images

French luxury goods firm Kering on Tuesday reported better-than-expected fourth-quarter sales that were nevertheless down year-on-year amid lagging demand for its main Gucci label.

The high-end fashion group, whose brands also include Bottega Veneta, Balenciaga and Alexander McQueen, posted a 12% decline in fourth-quarter revenues to 4.39 billion euros ($4.52 billion), just slightly ahead of the 4.29 billion euros forecast by LSEG analysts.

Full-year sales also dipped 12% to 17.19 billion euros versus an anticipated 17.09 billion euros.

This is a breaking news story and will be updated shortly.



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