Luxury's third quarter: Gucci slides 6% while Hermès grows 5.5%, and China weighs on both
Where the luxury slowdown is biting by brand and region, in the companies' own numbers.
Kering's third-quarter revenue fell 1% on a comparable basis to €3.34 billion, below forecasts, with Gucci down 6% to €1.29 billion after a 2% drop in the second quarter, Vogue Business reports. Asia-Pacific excluding Japan fell 8% while North America grew 1%. CEO Luca de Meo called Gucci's recovery "our defining priority"; Saint Laurent, Bottega Veneta and Brioni grew.
Hermès reported a 5.5% rise to about €4.1 billion, slightly below analyst expectations but with its full-year outlook confirmed, FashionUnited reports. The Americas rose 10.7% and Europe excluding France 8.6%, while Greater China dipped in the quarter; finance chief Eric du Halgouët cited a still-declining property market, low confidence and new tax rules for Chinese taxpayers.
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Gucci
After exploring Kering Sales Fall 1% in Q3, for the house at the centre of the turnaround, see Gucci.
Wikipedia's history of the Florence-based house that is Kering's largest brand.
Wikipedia · Wade · 5 min
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