PARIS (dpa-AFX) - French luxury brand Kering SA on Thursday reported third-quarter sales of 4.46 billion euros, down 13% from 5.14 billion euros last year. Revenues were down 9% on a comparable basis.
During the three-month period, Gucci sales slipped 14 percent to 2.22 billion euros from 2.58 billion euros in the previous-year quarter.
'Beyond the challenging macroeconomic conditions and softening demand across the luxury industry, the change in our revenue performance in the third quarter reflects the impact of our decisions to further elevate our brands and their distribution. The organization we put in place in July will enable us to strengthen the steering of our Houses in the current market environment and to reclaim our positions and influence. With the acquisition of Creed completed last week, one of the world's most distinguished high fragrance houses has joined our family, propelling our ambitions in beauty onto the next stage,' said CEO Francois-Henri Pinault.
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