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The luxury group Kering announced on Tuesday that it anticipated a drop in its turnover “of around 10%” in the first quarter over one year, weighed down by the difficulties of its flagship brand Gucci. “This performance mainly reflects a more marked decline in Gucci, particularly in Asia-Pacific. Thus, Gucci's turnover as of March 31 should be down almost 20% on a comparable basis,” the group led by François-Henri Pinault said in a press release. Kering will publish its first quarter sales on April 23 after market close.
“The combined effect on published turnover of the positive contribution linked to the consolidation of Creed (perfumer acquired in October for 3.5 billion euros, editor's note) and the negative impact of exchange rates is estimated of the order of -1 to -2%,” specifies the press release. In 2023, Kering, whose priority is to relaunch Gucci, changed the direction of the Italian brand, placing one of François-Henri Pinault's closest collaborators, Jean-François Palus, Deputy Managing Director of Kering, at its head . “Our priority is to get Gucci back on track,” François-Henri Pinault repeated in February, but this “won’t happen overnight.”
Sabato de Sarno succeeded Alessandro Michele in January 2023 as creative director of the brand and the first products from his Ancora collection began to be available in certain Gucci stores since mid-February and mainly in the Ready-to-wear category. Porter”, specifies the press release, ensuring that the new collection “receives a very good reception”. Kering, which also owns the Yves Saint Laurent, Bottega Veneta and Balenciaga brands, had announced for its 2023 year, described as a “difficult” year by its CEO, a net profit down 17% and sales down 4%. .
