Paris (France) (AFP) – Kering shares were down more than 10 percent in Paris Friday after the French luxury group published results that failed to reassure investors about a turnaround at its key Gucci brand.
At 0730 GMT, Kering shares were down 10.8 percent at 190.40 euros, their lowest since June 2025. The market’s CAC40 index was down 0.3 percent.
Kering reported late Thursday that third-quarter sales were flat at 3.34 billion euros ($3.75 billion). Sales at Gucci, by far the group’s largest single brand, fell by four percent to 1.29 billion euros, worse than the three-percent decline registered in the second quarter.
“Gucci has not shown convincing signs of stabilisation,” Deutsche Bank analysts said in a note. Italy-based Gucci is key to Kering’s fortunes, but has been in freefall since 2023 as the brand lost its luxury cachet.
© 2024 AFP
