Sales at Kering fell sharply in the third quarter as a global slowdown in luxury spending hindered the Paris-based group’s efforts to reboot its Gucci brand.
Revenues fell 13 per cent to €4.46bn in the quarter, a steeper drop than the 11.4 per cent decline analysts expected.
Sales at Gucci and Saint Laurent, Kering’s two biggest brands, fell 14 and 16 per cent respectively. Gucci’s new designer, Sabato de Sarno, unveiled his first collection at the end of September, which Kering hopes will revive flagging sales at its biggest profit engine. However, that collection will not arrive in stores until early next year.
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