PARIS Oct 25 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)