Gucci sales plummeted again in Kering’s most recent quarter, underlining the scale of the challenge facing the French luxury group’s new chief executive Luca de Meo.
Comparable revenues at Gucci fell by 25 per cent to €1.46bn in the second quarter compared with the same period in 2024. That was a similar decline to the first quarter and in line with expectations from analysts compiled by Visible Alpha.
Gucci accounts for about half of Kering’s sales and two-thirds of operating profits. A turnaround at the brand has stalled and performance across the rest of the group has also deteriorated amid a global slowdown in luxury demand. Sales at Yves Saint Laurent, the second-largest brand, were also down by 10 per cent in the quarter.
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