The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Kering SA shares tumbled after growth at Gucci, its biggest brand, missed estimates in the first quarter, hindered by lockdowns in China.
Sales at Gucci, which generated more than half of Kering’s revenue in the period, rose about 13% on a comparable basis, the Paris-based company said. Analysts had predicted a gain of almost 19%.
The stock fell as much as 7% in Paris trading. Kering’s figures follow strong results from LVMH SE and Hermes International last week. The luxury
giants benefited from rebounding demand in Europe and North America, even as virus-related lockdowns in China and the war in Ukraine worsened inflationary pressures and supply-chain snags.