Luxury giant Kering to chart path for Gucci turnaround [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
When executives from luxury giant Kering sit down for an investors' day in Florence on Thursday, the troubled Italian fashion icon Gucci is likely to be foremost in their minds. The giant Paris-based fashion conglomerate, which also owns Yves Saint Laurent and Bottega Veneta, is meeting in the birthplace of its flagship double-G brand which continues to weigh on its profitability and sales. Now under the management of Luca de Meo, the highly rated former head of Renault, Kering is hoping he can work some magic and rekindle what was once the bright spot in the group's fashion portfolio. "Gucci has had all sorts of issues. It's had issues on distribution. It's had issues on product. It's had issues on pricing," said Flavio Cereda, a luxury sector specialist at GAM, an investment firm. "Do people care about Gucci today? I don't think they do. Can people care about Gucci in six months' time? It's perfectly possible. We just don't know." The financial balance of the entire Kerin
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