- Shares of French luxury group Kering plunged 14% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions.
- The rare profit warning forecasts overall group revenues to drop 10% in the first three months of 2024.
- Kering plunged to the bottom of the Stoxx 600 after a delayed open, dragging other European luxury lines LVMH, Christian Dior, Hermes and Burberry with it.
Shares of French luxury group Kering plunged 14% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions.
The 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 lines LVMH and Hermes