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Kering’s first quarter revenue of 2024 is likely to decline by approximately 10% on a comparable basis, from last year’s first quarter, according to the group’s preliminary trading update.
The Paris-based luxury group stated that this performance primarily has reflected a steeper sales drop at Gucci, notably in the Asia-Pacific region.
Gucci comparable revenues in the first quarter are expected to be down by nearly 20% year on year.
Additionally, early products, primarily ready-to-wear, from the Ancora collection have been on offer in selected Gucci stores since mid-February.
The new collection, whose availability will gradually be ramped up over the coming months, is meeting with “highly favourable reception”.
Kering is expected to release its first quarter 2024 revenue on 23 April aftermarket.
The reported revenue will include the positive contribution of the consolidation of Creed on a full quarter basis as well as a negative FX impact. The combined effect of these two elements is estimated at approximately -1 to -2%.
