Sales at French luxury group Kering plunged in the first quarter, driven by a slump in demand at Gucci, underlining the scale of the turnaround facing its new creative director.
Kering, which also owns Saint Laurent and Bottega Veneta, reported a 14 per cent year-on-year decline in first quarter sales to €3.9bn. The weak performance was driven by a 25 per cent slump in comparable sales at Gucci to €1.6bn.
Kering, controlled by the billionaire Pinault family, has failed to ignite a turnaround of its biggest brand, where sales have been falling by double digit percentages for more than a year.
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