(Finance) – In a first semester that Kering expected it would be challenging, current trends lead the French luxury group to estimate that its revenues consolidated in first quarter of 2024 they should decrease by approximately 10% on a comparable basis, compared to the first quarter of last year.
This performance mainly reflects a sharper decline in Gucci sales, particularly in the Asia-Pacific region. The company expects Gucci’s first-quarter comparable revenue to decline by almost 20% every year.
The first products, mainly ready-to-wear, of Still collection they are on offer in selected Gucci stores from mid-February. The new collection, whose availability will gradually increase in the coming months, is meeting a very favorable reception.
Kering will report first-quarter 2024 earnings on April 23 after market. The reported revenues will include the positive contribution of the consolidation of Creed on a quarterly basis as well as a negative impact on exchange rates. The combined effect of these two elements is estimated between -1 and -2%.