Gucci sales slump continues as market awaits turnaround
Luxury group Kering said its return to growth will take time after its embattled star label Gucci posted another quarter of weak sales and has yet to name a new chief designer to galvanise the Italian brand. Shares in Kering jumped in early trade on Tuesday, before paring gains, as the market briefly seized on hopes the company had reached an inflection point. The French group said its sales fell 12% in October-December on a comparable basis from a year earlier, dragged down by a 24% drop at Gucci, which accounts for nearly half of group sales and two thirds of recurring operating profit but continues to struggle.
