On an underlying basis, group sales were down 9 percent to 4.46 billion euros, with Gucci falling 14 percent on a reported basis, and 7 percent underlying in the three-month period.
, with group revenue falling 13 percent at reported exchange rates, and 9 percent on an underlying basis, to 4.46 billion euros.
The revenue figure dovetailed with forecasts from analysts, most of whom had already downgraded their expectations for the quarter and their share price targets for, Kering’s largest brand, were down 14 percent on a reported basis and 7 percent underlying to 2.22 billion euros. YvesKering said its “other houses” division, which is home to brands including Balenciaga and Alexander McQueen, saw sales fall 19 percent on a reported basis, and 15 percent underlying.
He said the organization that Kering put in place in July “will enable us to strengthen the steering of our houses in the current market environment and to reclaim our positions and influence. With the acquisition of Creed completed last week, one of the world’s most distinguished high fragrance houses has joined our family, propelling our ambitions in beauty onto the next stage.”
Kering has been undergoing a raft of changes, restructuring management, acquiring luxury brands and reducing wholesale distribution in a bid to compete in a challenging and crowded market that has seen a cyclical slowdown in demand.. We use vendors that may also process your information to help provide our services. // This site is protected by reCAPTCHA Enterprise and the Google. We use vendors that may also process your information to help provide our services.
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