Luxury sector outlook clouded by China's slow recovery [Reuters]
KERING SA UNSP/ADR (PPRUY)
NASDAQ:AMEX Investor Relations:
kering.com/en/finance
Company Research
Source: Reuters
Warning on Tuesday that its first half profit would drop steeply, Kering flagged low demand in Asia, and China in particular, in addition to its struggles to turn around star label Gucci. That sent its shares to on Wednesday. Italian luxury group also saw revenue fall in the first quarter, dragged down by declining sales of its Thom Browne label in the Greater China region. The exception was Italy's family-owned , which reported booming demand for its Miu Miu fashion brand and continued growth in Asia. Moncler will report later on Wednesday and Hermes on Thursday. Solid reports last week from luxury bellwether and beauty giant had helped bolster confidence but did not dispel worries about domestic Chinese appetite for their premium goods and the wider sector. The luxury industry had predicted a challenging first quarter compared to the same period last year, when business surged after China lifted stringent COVID lockdowns. But a "panoply of headwinds" are keeping Chinese
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