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Sales growth at Kering's Gucci slows in Q2 as China weighs

Sales growth at Kering's Gucci slows in Q2 as China weighs

Reuters · 07/27/2022 11:48
Sales growth at Kering's Gucci slows in Q2 as China weighs

- Sales at French luxury group Kering's PPRUF top brand Gucci rose by just 4% in the second quarter, the group said on Wednesday, as a round of lockdowns weighed on revenues in the key Chinese market.

Overall sales for Kering, which is also home to fast-growing labels Saint Laurent and Bottega Veneta, came in at 4.97 billion euros ($5.03 billion), up 12% on a comparable basis.

The figure was above market expectations for revenues of 4.44 billion euros according to a Visible Alpha consensus cited by UBS.

Gucci's 4% growth in the three months to June compared with a 19% rise over the same period for sales at LVMH's LVMUY fashion and leather goods division, led by the Louis Vuitton and Dior brands. It also marked a slowdown from 13% growth for Gucci sales in the first quarter of the year.



($1 = 0.9876 euros)


(Reporting by Mimosa Spencer, editing by Silvia Aloisi)

((Mimosa.Spencer@thomsonreuters.com;))