Kering's Gucci posts weakest sales growth in 4 yrs

PARIS Thu Oct 24, 2013 11:54am EDT

PARIS Oct 24 (Reuters) - Gucci, one of the world's biggest luxury brands in terms of sales, posted its weakest growth in four years with a 0.6 percent rise in like-for-like revenue in the third quarter.

Gucci, which accounts for more than half of the valuation of parent Kering, is suffering like rival Louis Vuitton, part of LVMH, from lower Asian demand and disruptions related to efforts to reposition itself more upmarket.

Kering's total luxury sales rose 5.6 percent, while analysts expected growth of 7-8 percent.

The group's Puma brand, which is in the middle of a restructuring and strategy revamp, saw revenue drop 0.8 percent during the period under review. (Reporting by Astrid Wendlandt; Editing by James Regan)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article