Sigh of relief at Kering: Gucci on track for a (fragile) recovery

Kering finally returned to growth in the second quarter. Its flagship brand, Gucci, was still contracting, but managed to significantly slow the decline, thanks mainly to US consumers.

Out of the slump

Kering, the French conglomerate behind brands such as Gucci, Yves Saint Laurent, and Balenciaga, showed the first signs of recovery in the second quarter. Revenue rose 2% on a like-for-like basis to 3.65 billion euros. This comes as a huge relief, as the luxury group has been on a downward trend for several quarters.