Kering Reports Decline in Q4 2023 Revenues, Gucci Sales Drop 4%

The luxury group Kering anticipates further financial challenges in 2024 amid a luxury market slowdown, despite a slight improvement in Q4 sales.

Kering's Q4 2023 revenues fell by 6%, with Gucci, its top brand, experiencing a 4% sales decline.
Despite the downturn, Kering's Q4 results surpassed market expectations, with a less severe fall than predicted.
The company forecasts a decline in operating income for the first half of 2024, continuing to invest in its flagship brands.
Kering's full-year net profits in 2023 dropped by 18%, with Gucci accounting for 68% of the group's operating profit.
The luxury sector faces an 'ongoing normalization' after a post-pandemic sales boom, impacting brands like Gucci, Yves Saint Laurent, and Bottega Veneta.