Phillip Pessar via flickr
The overall revenue for the year amounted to €17.2 billion, a decrease of 12% compared to 2023. The group's net earnings decreased by 62% to €1.1 billion. The underwhelming performance was primarily attributed to poor sales of the Gucci brand, which represents nearly fifty percent of Kering's overall sales.
At the end of the previous year, Gucci's sales reached €7.65 billion, reflecting a 23% decline from 2023. Other brands do not share the same dismal fate: Yves Saint Laurent's sales were €2.8 billion, down 9% from the previous year, while Bottega Veneta's sales reached €1.7 billion, reflecting a 4% increase from last year.
Kering's results reflect the challenging condition of the luxury goods market in the previous year. Issues within the Chinese economy, which many Western luxury brands have relied on in recent years, resulted in a drop in premium goods sales.
source: reuters.com
At the end of the previous year, Gucci's sales reached €7.65 billion, reflecting a 23% decline from 2023. Other brands do not share the same dismal fate: Yves Saint Laurent's sales were €2.8 billion, down 9% from the previous year, while Bottega Veneta's sales reached €1.7 billion, reflecting a 4% increase from last year.
Kering's results reflect the challenging condition of the luxury goods market in the previous year. Issues within the Chinese economy, which many Western luxury brands have relied on in recent years, resulted in a drop in premium goods sales.
source: reuters.com