Gucci under-performs
The luxury brands managed a 1.75 billion euro turnover in the first quarter, which is a 10.9 % increase, but its like-for-like turnover dropped 2.6 % for the quarter. Gucci, the company’s biggest brand, had an even worse quarter as its like-for-like turnover plummeted 7.9 %, a larger-than-expected drop attributed to the change of CEO and creative director. Gucci’s biggest blow came from Asia, where its own stores suffered a 10 % turnover drop.
On the other hand, Kering can be happy about sports brand Puma‘s performance: turnover grew 13 % to 825 million euro, while its like-for-like turnover also grew 4.5 %.
