Kering Alert: Gucci Is Down (“~20%”) in the Quarter – LaConceria

Gucci is in decline. In the First quarter 2024 “its revenues”It will decrease by approximately 20%“He made it known.” drythe group that owns the Florentine brand, said in a press release stating this Primary information Relating to the first fiscal quarter of 2024. The French luxury goods company estimates that it will close with 10% decrease Compared to the same period in 2023. It states that “the positive contribution of doctrinal unification and the negative impact on exchange rates” affects revenues by between -1 and -2%.

Drought alert

Positive data was not expected from the luxury goods sector either, given the deep crisis it is going through Italian production series. This is a crisis that we now know has brought the iceberg to its peak. Kering issued a press release That taste Real alert Which estimates a general decline in its sales volume approx 10% on a comparable basis for its consolidated revenues in the first quarter of 2024 versus 2023. Kering “expected that it will be difficult and current trends” lead it to expect double-digit revenue declines.

Gucci drops “nearly 20%”

“This performance mainly reflects A sharp decline in Gucci salesespecially In the Asia-Pacific region. Gucci's comparable revenue for the first quarter is expected to decline approximately 20% year over year. Form a double G 50% of Kering's revenues. This indicates that other brands of the group (eg: Saint Laurent and Bottega Veneta, With weaving), as well as activities defined as “eyewear and corporate” performed well, offsetting Gucci's decline.

Some hope

“The first products, especially ready-made garments, are from Still the group – concludes the Kering note – it is on sale in select Gucci stores Since mid-February. Meets the new collection, whose availability will gradually increase in the coming months Very favorable welcomeThe French giant will publish revenues for the first quarter of 2024 Next April 23. (MF)

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