(Finance) – Keringluxury multinational based in Paris who also controls the Gucci and Saint Laurent brands among others, recorded revenues for 2024 17,194 billion eurosdown 12 % compared to the previous year. Instead, thenet profit just over 1.1 billion euros, 62% less than what was recorded in 2023. The expectations of the analysts which had indicated revenues of 11.6% to 17.01 and a net profit of 1.31 billion.
The flexion also theEbitda (-29%) to 4.66 billion.
Sales in strong decreases above all on market Asian (-23%) especially in China. Badly the brand Gucci which loses 21% of revenues and closes the year with 7.65 billion.
“In a difficult year, we accelerated the transformation of different people of our maison and acted with determination to strengthen the solidity and desire of our brands in the long term,” commented the president and CEO of Kering, François-Henri Pinault. “Throughout the group and in Gucci first of all, we made crucial decisions to increase the impact of our communications, refine our product strategies and increase the quality of our distribution, all in compliance with the heritage creative which distinguishes our brands – he added -. We secured our organization, carried out hiring key, accelerated the execution and intensified the efficiency of our operations. Our efforts must remain supported and we are confident. We brought Kering to a stabilization point, from which we will gradually resume our growth trajectory “.
Despite the numbers presented of 2024, the title runs in Paris where he opened with earnings higher than 5%.