While Kering's Gucci Warns Of 20% Decline, LVMH Sees Growth In Luxury [Forbes]
KERING SA UNSP/ADR (PPRUY)
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Source: Forbes
a rare warning that first-quarter revenues are expected to decline 10% from last year's $5.5 billion (€5.1 billion) and projects its flagship brand Gucci to be off nearly 20%, down from $2.8 billion (€2.6 billion). Kering cites particular weakness in the Asia-Pacific region as the cause of Gucci's expected shortfall, but North America was a pain point for many luxury brands in 2023, with Bain reporting that performance in the personal luxury sector declined each successive quarter. Kering had a bad showing in North America last year, with revenues off 18% there. North America accounted for about one-fourth of revenues. On the other hand, Asia Pacific did quite well in 2023 with revenues up 10%. Asia-Pacific made up 35% of company revenues. Kering owns some 13 brands, but Gucci accounted for roughly one-half of Kering's $21.2 billion (€19.6 billion) in revenues last year, as overall sales dropped 4% from 2022 and Gucci was down 6%. Kering also underwent a management shakeup and G
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