Gucci, a legacy luxury brand and top-money maker for French luxury-group owner Kering, has become a monster-sized headache for the group and drag on performance as brand revenues plunged 22% through the first nine months this year.
Gucci-owner Kering SA (EPA:KER) has made a substantial cut to its full-year income forecasts following a disappointing third quarter. Gucci's year-on-year revenue plummeted 26% in the quarter, driven predominantly by persistently soft China demand.
Gucci had a challenging third quarter partly due to its APAC slump, per Kering's latest earnings call. The Italian luxury brand's sales dropped 25% this quarter compared to the previous year.
Shares in Gucci-owner Kering rose on Thursday, shrugging off the French luxury goods company's warning that 2024 operating income would almost halve to its lowest in years due to weak demand in China.
Die US-Bank JPMorgan hat das Kursziel für Kering FR0000121485 nach Umsatzzahlen zum dritten Quartal von 265 auf 220 Euro gesenkt, aber die Einstufung auf "Neutral" belassen.
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