Sales at luxury conglomerate Kering Group fell at the end of last year as its biggest brand Gucci struggled with the impact of Covid-19 lockdowns in China.
Like-for-like sales for the Paris-based group fell 7 per cent in the fourth quarter, while Gucci sales shrank 14 per cent year on year in the same period, largely because of the subdued Chinese market. Analysts had expected an 11 per cent fall.
For the full year, revenues at Gucci, which at €10.5bn contributed half of Kering’s total, rose 1 per cent. Recurring operating income was flat at €3.7bn.
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