PARIS (Reuters) – Sales at French luxury group Kering’s top brand Gucci rose by just 4% in the second quarter, the group said on Wednesday, as a new round of lockdowns weighed on revenues in the key Chinese market.
Overall sales for Kering, which is also home to fast-growing labels Saint Laurent and Bottega Veneta, came in at 4.97 billion euros ($5.03 billion), up 12% on a comparable basis.
The figure was above market expectations for revenues of 4.44 billion euros according to a Visible Alpha consensus cited by UBS.
Gucci’s 4% growth in the three months to June compared with a 19% rise over the same period for sales at LVMH’s fashion and leather goods division, led by the Louis Vuitton and Dior brands. It also marked a slowdown from 13% growth for Gucci sales in the first quarter of the year.
($1 = 0.9876 euros)
(Reporting by Mimosa Spencer, editing by Silvia Aloisi)
