Gucci owner Kering tanks 14% after Asia profit warning, dragging down Europe luxury brands [MSNBC.com]
WHARF HLDG LTD UNSP ADR (WARFY)
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Source: MSNBC.com
A Gucci store at Harbour City shopping mall, operated by Wharf Holdings Ltd., in Hong Kong, China, on Friday, June 2, 2023.Bloomberg | Getty ImagesShares of French luxury groupKeringThe rare profit warning forecasts overall group revenues to drop 10% in the first three months of 2024 on a comparable basis, setting the fashion house apart from other luxury linesLVMHHermesKering plunged to the bottom of the Stoxx 600 after a delayed open, dragging other European luxury lines with it. Shares ofChristian DiorBurberry"In a first half that Kering expected to be challenging, current trends lead the Group to estimate that its consolidated revenue in the first quarter of 2024 should decline by approximately 10% on a comparable basis, from last year's first quarter," Kering said in astatement"This performance primarily reflects a steeper sales drop at Gucci, notably in the Asia-Pacific region. Gucci comparable revenues in the first quarter are expected to be down by nearly 20% year on year."The
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