PPR's Gucci confirms luxury slowdown in Q3
PARIS Oct 25 (Reuters) - Gucci, the Italian luxury brand owned by French group PPR, confirmed the luxury sector's slowdown with like-for-like sales growth of 7 percent in the third quarter, broadly in line with market expectations.
Gucci's performance marks a deceleration from sales growth of 10 percent in the second quarter and 12 percent in the first and mirrors a drop in growth at other major luxury brands such as Louis Vuitton in big markets such as Asia.
Retail and luxury group PPR, which also owns fashion brands Bottega Veneta and Yves Saint Laurent, on Thursday reported total luxury sales up 12 percent at 1.593 billion euros and overall group sales up 6.6 percent at 2.561 billion euros ($3.32 billion) in the third quarter.
PPR, which did not give a precise forecast for the full year other than improved sales and profits, said the disposal process of its Redcats mail order unit would take several months and all options remained open for the moment. ($1 = 0.7711 euros) (Reporting by Astrid Wendlandt; Editing by Christian Plumb)