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Asharq Al-Awsat
Asharq Al-Awsat
Lifestyle
Asharq Al-Awsat

Gucci in Focus as China Lockdowns Weigh on Kering Q1 Sales

Gucci Kering China Covid-19 Citi Kering SA Luxury United States Western Europe
A man looks at a window display outside a Gucci store, part of the Kering group, at Tsim Sha Tsui shopping district in Hong Kong January 17, 2013. REUTERS/Bobby Yip/File Photo

Disruptions from COVID-19 lockdowns in China cast a cloud on forecast-beating first-quarter sales from Gucci owner Kering on Thursday, even as the group pointed to sustained demand from the United States and Western Europe for its high-end fashion and leather goods labels.

Group sales for the three months ending in March came to 4.96 billion euros ($5.4 billion), up 21% and slightly above a consensus forecast of 4.69 billion euros cited by Citi analyst Thomas Chauvet, Reuters reported.

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