Annual sales of Gucci decreased by 6%, Yves Saint Laurent – by 4% – Kommersant
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Revenue for Kering, which owns fashion brands such as Gucci, Balenciaga and Yves Saint Laurent, in 2023 decreased by 4%, to €19.6 billion. Net profit fell by 17%, amounting to €3 billion. In the fourth quarter, Kering’s revenue decreased by 6%, to €5 billion. The decline in these figures was stronger than forecasts. Kering also said profits were likely to decline in 2024 as well.
Revenue for the Gucci brand in 2023 decreased by 6%, also stronger than expected. Kering CEO François-Henri Pinault said the company is focusing specifically on “revitalizing and revitalizing Gucci.”
Most other brands owned by the company also showed a decrease in revenue: Yves Saint Laurent – by 4%, Bottega Veneta – by 5%, other brands (they are combined into one section in the reporting) – by 9%. Kering, like other luxury goods makers, has seen demand decline amid a slowing economy, inflation and other headwinds following a surge in demand during the COVID-19 pandemic.
What Gucci accuses American multi-brand chains of – in Kommersant FM’s material “Gucci ran into a fake”.
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