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Kering, owner of a number of high-end and exotic leather tanneries said that sales at Gucci—which makes up around a third of Kering’s revenue fell 7.9% to €869 million on a like-for-like basis, which excludes acquisitions and disposals and currency effects, as the brand’s overhaul took its toll.
Kering, home to high-end labels such as Bottega Veneta and Yves Saint Laurent as well as sports brand Puma, posted a 11% rise in total quarterly sales to €2.65 billion ($2.83 billion) from €2.38 billion a year earlier, as the weak euro bolstered sales.
But stripped of the positive currency impact and excluding acquisitions and disposals, sales slipped 0.6% over the period, as the luxury division faltered with revenue plunging at star brand Gucci.
The figures “reflect a complex economic and monetary environment as well as the transition under way at Gucci,” said Kering Chairman and Chief Executive François-Henri Pinault.