French luxury group Kering has had another difficult quarter. Its golden goose, Gucci, is hardest hit: a new artistic director is brought in to turn the tide.
Turnover down by a quarter
Kering’s group turnover fell by 14 % to 3.88 billion euros: that result is much worse than its rival LVMH‘s 3 % drop. Gucci, good for almost half of Kering’s group sales, even saw its quarterly turnover plummet by 24 % to 1.57 billion euros.
