Kering performed better than expected in the third quarter, even though sales fell sharply, particularly at Gucci. However, there are signs of recovery, including in China, which may indicate a recovery in the luxury market.
De Meo aims for a quick turnaround
From July to September, Kering achieved sales of €3.42 billion, a decline of 5% on a comparable basis. Flagship brand Gucci even fell by 14%. Still, that is a stroke of luck, as analysts had expected a decline of 9.6% at group level and 15% for Gucci. Yves Saint Laurent and Bottega Veneta performed better than expected, boosting the group’s results.
