Gucci owner Kering tanks 14% after Asia profit warning, dragging down Europe luxury brands
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 20 2024
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Source: CNBC
Shares of French luxury group Kering plunged 14% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions.
The rare profit warning forecasts overall group revenues to drop 10% in the first three months of 2024.
Kering plunged to the bottom of the Stoxx 600 after a delayed open, dragging other European luxury lines LVMH, Christian Dior, Hermes and Burberry with it.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
