Kering, owner of Gucci and Saint Laurent, warned on Wednesday that its operating income could fall by as much as 30 per cent in the second half of the year, compounding the woes at the French luxury company.
One of the biggest names in luxury, Kering was a laggard compared to peers LVMH and Hermès during the pandemic-era boom and its performance has only worsened as the industry as a whole has slowed.
Kering said sales at Gucci, its biggest brand accounting for half of revenues and two-thirds of profits, have fallen further with a turnround under a new designer having so far failed to gain traction.
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