What: Kering Group experienced a 13% decrease in revenue in the third quarter.

Why it is important: This decline reflects the ongoing slowdown in the luxury industry.

Gucci, the largest brand under Kering, saw its sales decrease by 14% on a reported basis and 7% on an underlying basis. Yves Saint Laurent and Bottega Veneta also experienced declines in revenue. The "other houses" division, which includes brands like Balenciaga and Alexander McQueen, saw a 19% decrease in sales. Despite the challenging market conditions, Kering aims to strengthen its brands and distribution through recent acquisitions and internal restructuring. The acquisition of Creed, a luxury fragrance house, is expected to boost Kering's ambitions in the beauty sector.

Kering Group revenue falls 13% in Q3