Overview

• The group recorded €3.7 billion in second-quarter revenues, missing forecasts with a 15% year-on-year decline
• Gucci, which drives the bulk of profits, saw sales drop 25% to €1.46 billion over the quarter
• Net debt was cut to €9.5 billion from €10.5 billion through real estate disposals ahead of a 15% EU-US tariff on exports
• Brands have implemented price increases worldwide and are weighing a second wave of hikes in the autumn to protect margins
• Regional demand remains weak across all markets, led by Japan and the broader Asia Pacific, as De Meo prepares to take the helm in September