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Kering's Gucci posts weakest sales growth in 4 yrs
October 24, 2013 / 3:57 PM / 4 years ago

Kering's Gucci posts weakest sales growth in 4 yrs

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)

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