Much like other luxury companies, French Kering struggled from lower Asian sales and averse exchange rates. Several of its brands have suffered turnover drops, but the company did manage to boost turnover to 2.65 billion euro, partly because of Puma.
The luxury brands managed a 1.75 billion euro turnover in the first quarter, which is a 10.9 % increase, but its like-for-like turnover dropped 2.6 % for the quarter. Gucci, the company's biggest brand, had an even worse quarter as its like-for-like turnover plummeted 7.9 %, a larger-than-expected drop attributed to the change of CEO and creative director. Gucci's biggest blow came from Asia, where its own stores suffered a 10 % turnover drop.
On the other hand, Kering can be happy about sports brand Puma's performance: turnover grew 13 % to 825 million euro, while its like-for-like turnover also grew 4.5 %.