French luxury powerhouse Kering SA announced its third-quarter sales figures on Thursday, recording a total of 3.786 billion euros, marking a 15% decline from the previous year's 4.464 billion euros. On a comparable basis, the revenue decline stood at 16%.
The three-month period saw Gucci's sales drop by 26% to 1.641 billion euros, down from 2.217 billion euros during the same quarter last year. Meanwhile, Yves Saint Laurent experienced a sales decrease of 13% to 670 million euros, though Bottega Veneta managed a 4% increase, reaching 397 million euros.
For the first nine months of this year, Kering generated revenues amounting to 12.804 billion euros, reflecting a 12% decrease both in reported figures and on a comparable measurement.
François-Henri Pinault, Chairman and CEO, remarked: "Amid challenging market conditions impacting the entire luxury sector, we are resolutely implementing a comprehensive transformation of the Group, with a specific focus on Gucci. This strategic overhaul adversely affects our short-term performance, but our primary objective remains to secure conditions conducive to robust and sustainable growth. We are further tightening our control over costs and being more selective in our investments. We possess the right strategy, organization, and talent to realize these ambitions."
