Kering Profits Expected to Tank in First Half of 2024 [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
NASDAQ:AMEX Investor Relations:
kering.com/en/finance
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Source: Yahoo! Finance
40-45%, compared to the same period last year, the luxury conglomerate announced on Tuesday. In a performance update for investors, the parent company of Gucci Bottega Veneta and Saint Laurent revealed that its revenue for 2024 is already down 11% in the first quarter to €4.5 billion ($4.8 billion). CEO François-Henri Pinault wrote that, despite anticipating a "challenging" start to the year, performance "worsened considerably" due to "sluggish market conditions, notably in China," as well as "the strategic repositioning of certain of our Houses, starting with Gucci." Gucci seemingly bore the brunt of these losses, with the brand's revenue down down 21% in Q1 2024, to €2.1 billion ($2.2 billion), which Kering attributed to a sharp decline in the Asia-Pacific region. These plummeting numbers come amid major turnover at the Italian fashion house: Following Alessandro Michele's departure in late 2022 , a studio team led design until Sabato de Sarno 's debut runway last September. (Th
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