Gucci's Sales Slide Sends Luxury Stocks Tumbling
Luxury stocks in Europe, including Kering, LVMH, and Richemont, slumped after a profit warning from the owner of Gucci revealed a significant decline in high-end goods demand, particularly in China. Kering reported a nearly 20% year-on-year sales drop at Gucci in the first quarter, largely due to a steep decline in the Asia-Pacific region, raising concerns about consumer spending and China's economy. The company is focusing on reviving Gucci's fortunes with a new collection, as luxury goods companies grapple with weaker demand in one of their biggest markets.
