Gucci, Balenciaga slowdowns dent Kering’s Q4 results
What: Revenues were down 14% at Gucci and Balenciaga’s backlash from ad campaigns led to a 7% dip in fourth-quarter revenues at Kering.
Why it is important: While Kering’s revenue was down in Q4, LVMH reported a 15% increase in revenues for the last quarter of the year.
The overall Q4 figure represents a slowdown from the third quarter, when sales rose 23%.
For the full year, revenues at Kering rose 9% on a comparable basis to 20.35 billion euros.
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