Gucci owner Kering tanks 14% after Asia profit warning, dragging down Europe luxury brands
Publishing timestamp: 2024-03-20 08:21:09
Summary
Kering's shares plunged 14% after warning of a 20% drop in Gucci sales in the first quarter of 2024, primarily due to declining transactions in Asia. The rare profit warning forecasts a 10% overall revenue drop for the group, setting it apart from other luxury lines like LVMH and Hermes. The slowdown is expected to be driven by Asia, particularly China. Despite the challenges, UBS remains bullish on luxury goods overall.
Sentiment: NEGATIVE
Tickers: KER-FR, BRBY-GB, RMS-FR, CDI-FR, MC-FR,
Keywords: business, breaking news: europe, business news, lvmh moet hennessy louis vuitton se, earnings, apparel retail, hermes international sca, luxury, kering sa,