Table of Contents
Star couple: Francois-Henri Pinault and Salma Hayek
The owner of Gucci has reported a further drop in sales as the storm clouds gathering over the luxury goods industry continue to darken.
Sales at Kering, which also owns Boucheron and Balenciaga and is run by Francois-Henri Pinault, who is married to actress Salma Hayek, fell 11% to 3.8 billion pounds in the second quarter of the year.
The French group also reported a 42% drop in first-half profits to £1.3bn and warned of a 30% drop in the second half. The industry has been hit by a slowdown in demand in China and elsewhere.
“There was a deterioration in trends in June which continued in July,” said Deputy Director General Jean-Marc Duplaix.
The upgrade follows disappointing figures from rivals such as LVMH and Burberry.
DIY INVESTMENT PLATFORMS
AJ Bell
AJ Bell
Easy investment and ready-to-use portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free investment ideas and fund trading
interactive investor
interactive investor
Flat rate investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading commissions
Trade 212
Trade 212
Free treatment and no commissions per account
Affiliate links: If you purchase a product This is Money may earn a commission. These offers are chosen by our editorial team as we believe they are worth highlighting. This does not affect our editorial independence.