Kering Forecasts 10% Decline in Q1 2024 Revenue, Gucci Sales Hit by 20% Drop

22 March 2024

In the face of anticipated challenges, Kering has warned that it expects a decline of approximately 10% in its consolidated revenue for the first quarter of 2024 compared to the same period last year. This estimation primarily stems from a notable sales decrease at Gucci, particularly in the Asia-Pacific region, with Gucci's comparable revenues expected to plummet by nearly 20% year on year.

Selected Gucci stores have been offering early products, mainly from the Ancora collection, since mid-February. The initial reception of this new collection, which will gradually become more widely available in the coming months, has been overwhelmingly positive.

Kering is scheduled to unveil its first quarter 2024 revenue on April 23 after the market closes. This report will encompass the positive impact of Creed's consolidation for the entire quarter, alongside a negative foreign exchange (FX) impact. The combined effect of these factors is estimated to range from -1 to -2%.

Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.