Kering Stock News

Stocks for some of Europe's most famous luxury brands are plummeting to their lowest level in years as Chinese customers cut back purchases and an industry revamp fails to launch.

The French luxury-fashion house's sales fell on a 6% drop at Gucci that makes up not far from half of the group's revenue.

Shares in Gucci ​owner Kering tumbled 12% on Friday after the group reported further sales declines, but said it would ‌stick with CEO Luca de Meo's turnaround plan and accelerate store closures, aiming for 125 by year-end.

The owner of Gucci, Bottega Veneta and other high-end labels booked a 1% decrease in revenue as the luxury market continues to see a sharp drop in demand.

Gucci sales fell in the third quarter as shoppers stayed away from its ‌stores, its owner Kering said on Thursday, blowing hopes of a rapid return to growth for Luca de Meo, who took over as CEO last year.

French luxury ​group Kering ‌said on Thursday ​Sean ​McGirr will leave ⁠his ​role ​as creative director of ​Alexander ​McQueen.

European luxury firms have seen some $350 billion in value knocked off their combined market capitalizations this ​year, as hopes of a sector rebound have faded and ​weakness in key growth engine China has persisted.