Performance. Kering’s 2022 figures do not encourage us to become buyers of the title again… The end of the year was difficult with sales down 7% in Q4. The Pinault family group highlights the health measures in China to explain this poor performance, but this explanation seems a bit short. Kering’s three major brands, namely Gucci, YSL and Bottega Veneta, each experienced a decline in their activity in Asia-Pacific over the last quarter but also in North America… For comparison, the internal growth of LVMH was +9% in the last quarter of 2022…
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