Gucci sales drop 10% in fourth quarter of 2020
Owner Kering’s group revenue fell 8.2% in the period as the pandemic restricted travel and spending
17 February 2021 - 11:42
Paris — Sales at Kering’s star Gucci fashion brand fell more than expected in the fourth quarter of 2020 as the Covid-19 pandemic kept consumers from travelling abroad and shopping.
Gucci accounts for 60% of revenues and 80% of profits at the French conglomerate, and has been one of the industry’s top performers in recent years. But it has struggled more than some peers in the Covid-19 crisis, despite a rebound in luxury goods demand in regions such as Asia, which fueled resurging sales at rivals such as LVMH’s Louis Vuitton...
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