French luxury company Kering had a poor first quarter, in which its performance did not meet expectations. French fashion brand Yves Saint Laurent performed best, while Bottega Veneta had a very poor spell.
Huge drop for Bottega Veneta
Kering's turnover grew 2.7 % in the first quarter, up to 2.72 billion euro, while its like-for-like turnover stood at a 4 % turnover growth: not enough to meet analysts' expectations of + 5.6 %.
The company's main fashion brand, Gucci, managed a 2.9 % turnover increase to 894.2 million euro, also below analysts' expectations. Yves Saint Laurent, with its Brussels-born designer Anthony Vaccarello as its new CEO, performed best of all, with a 27 % turnover increase.
Kering has not managed to turn things around for Bottega Veneta though, as like-for-like turnover dropped 8.3 %: even worse than last year's "mere" 3.4 % drop.