Gucci owner Kering warns of fall in first-quarter sales [Reuters]
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Source: Reuters
Gucci owner Kering warns of fall in first-quarter sales PARIS, March 20 (Reuters) - Kering, the French luxury goods group behind brands such as Gucci, said on Friday it expected comparable sales to fall by around 15% in the first quarter as the coronavirus outbreak saps demand and forces it to close stores. The health crisis first hit China - a major market for high-end wares - before spreading elsewhere, and several European states including Italy, Spain and France have gone into lockdown to try to cope. Gucci is one of the world’s biggest luxury labels by sales and had been booming in recent years. The group said the Chinese market had begun to pick up again but that in the United States and Europe the situation was worsening and would affect second-quarter sales too. Kering said it expected operating margins to decline, adding it had implemented “an initial action plan aimed at adapting its cost base and containing its working capital requirement,” without giving further details. “
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