Helena Lyng Blak
9 weeks ago

Luxury goods companies' shares plunge after Gucci sales warning

Kering tumbles; multiple companies behind luxury brands follow
Fashion show attendee carrying a Gucci-bag.
photo-lime / Shutterstock.com

On Tuesday, the French luxury group Kering warned that, according to its estimations, the consolidated revenue for the first quarter of 2024 will likely drop by roughly 10%.

Kering explains that the decline is due to a drop in sales at Gucci, particularly in the Asian and Pacific markets.

By Wednesday morning CET, Kering's shares were down by more than 14%.

Other European companies behind luxury and fashion brands also saw their stocks tumble following Kering's downturn.

LVMH, the conglomerate behind subsidiaries such as Louis Vuitton, Tiffany & Co., and Sephora, was down a little over 2%. Burberry was down 3.86%, and Dior had declined by 2.22% as of 2 PM CET, Wednesday.

Kering is a multinational corporation that specializes in luxury goods. Based in France, the company owns multiple European fashion brands, such as Gucci, Alexander McQueen, Balenciaga, and Yves Saint Laurent.

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

5 hours ago Israeli Airstrike Hits Rafah Tent Camp Israeli airstrike on Rafah camp kills dozens, raising international alarm.
6 hours ago Meta and Call of Duty Maker Sued by Families of School Shooting Victims Families of the 2022 Uvalde school shooting victims file lawsuits against major corporations and officials, claiming they contributed to the tragedy.
8 hours ago Walmart and Capital One Call It Quits on Partnership Walmart and Capital One announce the end of their six-year card partnership amidst legal disputes.
8 hours ago US Market Open - May 27, 2024: Wall Street Wavers but Nasdaq Soars Daily update from the US market open.
10 hours ago Crypto, Currently: May 27, 2024 - Ethereum Leads Weekly Surge, Bitcoin Holds Steady Daily update on Ethereum, Bitcoin, and more!
1 day ago Debunking the headline: US GDP grows by a third ahead of EU in 15 years Europeans need not worry as much as these articles would suggest.
1 day ago Empowering Women Could Boost Economic Growth, Says IMF Economists Discover how gender equality initiatives could transform economies in Japan and Korea.