(AOF) – Kering (-14.65% to 363.55 euros) displays by far the biggest drop in the CAC 40 after its warning on Tuesday evening. The luxury group warned that its consolidated turnover would drop by around 10% on a comparable basis in the first quarter of 2024 compared to last year. “This performance mainly reflects a more marked decline in Gucci, particularly in Asia-Pacific,” explains the group. Thus, Gucci’s turnover as of March 31 should be down almost 20% on a comparable basis.
In addition, the combined effect on reported sales of the positive contribution linked to the consolidation of Creed and the negative impact of exchange rates is estimated to be around -1% to -2%.
Kering will reveal its revenue for the first quarter of 2024 on April 23 after market close.
Other luxury stocks are falling in its wake, including LVMH and Hermès.