The group’s consolidated revenue is expected to fall by around 10% year-on-year for the first quarter of 2024, on a comparable basis.

This decline is primarily due to sales falling at Gucci, particularly in the Asia-Pacific. The brand is expected to see a decline of 20% for comparable revenues in the first quarter.

The company tempered the news by noting that early products Gucci’s Ancora collection have been on offer in stores since mid-February and are expected to be well received.

Kering’s full 2024 first quarter financial results are due to be released on April 23.