All articles tagged with #kering sa
Gucci's parent company, Kering SA, experienced a $9 billion market value drop due to a significant sales slump in China, signaling a broader slowdown in the luxury industry as Chinese shoppers reduce their spending on high-end products.
Kering SA, the parent company of Gucci, saw its shares plummet after warning of a 20% sales decline at Gucci in the first quarter, resulting in a €7 billion market value loss. The sales slump, particularly in the Asia-Pacific region, widens the gap between Kering and its luxury rivals like LVMH and Hermes. The company has been struggling to revitalize Gucci, with the new designer's collection receiving mixed reviews. The unexpected announcement has raised concerns about the state of consumer spending and China's economy, impacting other fashion companies' stocks as well.
Luxury stocks in Europe, including Kering SA, LVMH, Burberry Group Plc, and Christian Dior SE, faced losses after Kering warned about declining sales, raising concerns about high-end consumer spending in China. Treasuries and US equity futures remained steady ahead of the Federal Reserve meeting. Meanwhile, Intel Corp. saw a rise in premarket trading after securing nearly $20 billion in US grants and loans.