Kering holds steady, but Gucci remains a cause for concern

Luxury group Kering sees its revenue stabilize, despite the ongoing decline at Gucci. Other brands, such as Saint Laurent and Bottega Veneta, are performing better. Meanwhile, CEO Luca de Meo is making significant cuts to the retail network to restore profitability.

Gucci lags behind

The French luxury group Kering reported third-quarter revenue of 3.35 billion euros, virtually unchanged from a year earlier. On a like-for-like basis, revenue fell by 1%. As a result, the group is lagging behind brands such as Gucci, Saint Laurent, and Balenciaga , which are holding up relatively well in a challenging luxury market. Over the first nine months, reported revenue fell by 2% to 10.6 billion euros.