Kering on Wednesday warned profits would almost halve this year after sales at the French luxury goods company’s main brand Gucci plunged amid weak demand in China.
The Paris-listed group said its full-year operating income would drop 46 per cent below that of 2023 to about €2.5bn — less than the €2.85bn anticipated by analysts, according to forecasts compiled by Refinitiv.
It would be the lowest level in eight years, and a sharper fall than at the height of the pandemic in 2020. Kering has had several profit warnings this year in a sector where they are normally scarce.
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