Gucci’s owner reported a fresh slump in sales as the storm clouds hanging over the luxury goods industry continue to darken.
Sales at Kering, which also owns Boucheron and Balenciaga and is run by Francois-Henri Pinault, who is married to actress Salma Hayek, fell 11pc to £3.8bn in the second quarter of the year.
The French group also reported a 42pc fall in first-half profits to £1.3bn – and warned of a 30pc drop in the second half. The industry has been hit by a slowdown in demand in China and beyond.
‘There was a deterioration of the trends in June that so far are persisting in July,’ said deputy chief executive Jean- Marc Duplaix.
The update follows disappointing figures from rivals including LVMH and Burberry.
Source: This is Money
