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Asharq Al-Awsat

Lifestyle

Asharq Al-Awsat

Gucci Slump Pushes Kering Sales Down 7% in Q4

Gucci Kering China Luxury Covid-19 Louis Vuitton

A Gucci sign is seen outside a shop in Paris, France, January 27, 2023. (Reuters)

Sales at French luxury group Kering fell 7% in the fourth quarter, dragged lower by a slump in revenue at its biggest brand Gucci reflecting COVID-19 disruptions in China.

Gucci's revenue fell 14% on a comparable basis to 2.73 billion euros ($2.92 billion) to lag an analysts' consensus for an 11% fall.

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