Gucci is one of the world's biggest luxury labels by sales and had been booming in recent years.
See who you know in common; Get introduced; Contact anand kering directly; Join to view full profile Others named anand kering. Kering to distribute 70 pct of Puma to its shareholders; French group will retain 16 pct, Puma free-float to rise; Kering, owner of Gucci, to focus solely on luxury labels Kering is the latest luxury group to find itself under scrutiny by Italian tax authorities, following a crackdown on tax evaders in recent years amid growing pressure on its public finances. (Reporting by Sarah White, Editing by Timothy Heritage) It is due to report first-quarter sales on April 21. "Luxury goods companies are also hugely dependent on tourist flows and visitors to shopping capitals such as Paris or New York, and are reeling as air traffic plummets as a result of the health crisis. 0 others named anand kering are on LinkedIn. French luxury group Kering said on Tuesday second-quarter comparable sales plunged by 43.7% due to the COVID-19 pandemic, adding it could not … Gucci-owner Kering has temporarily shut half … Pune Area, India. It features exclusive interviews from luxury brand owner Kering Group as well as three well-known international tanners, LeFarc, Simona Tanning and Asiatan. "The epidemic does not call into question the structural drivers of the luxury industry," Kering said. Several governments have ordered non-essential retailers such as clothing stores to close temporarily, to protect workers and contain the spread of the virus. The group said the Chinese market had begun to pick up again but that in the United States and Europe the situation was worsening and would affect second-quarter sales too. The Kering group – owner of Gucci, Bottega Veneta, Saint Laurent and Pomellato – has settled a case with the Italian tax agency for an amount of euro 1.250 billion in taxes and penalties relating to fiscal years 2011-2017. Kering, the French luxury goods group behind brands such as Gucci, said on Friday it expected comparable sales to fall by around 15% in the first quarter as the coronavirus outbreak saps demand and forces it to close stores.
The firm, which also owns Saint Laurent and Balenciaga, has been one of the big winners of a luxury goods bonanza in recent years, alongside rivals such as Paris-based That has put the cash-rich conglomerates in a stronger position than some standalone brands that were already in turnaround mode when the coronavirus crisis hit. Owner kering group. ANAND KERING. The French group, which also owns Saint Laurent and Balenciaga, remained upbeat about its longer-term prospects. Kering, like LVMH, said that the strong growth in local shopping could not offset the near-absence of tourism.It is cutting costs, while not canning investments in its brands altogether, which usually spend on marketing campaigns and events like fashion shows that give them visibility.Sales at Kering’s top brand Gucci in the April to June period declined by 45% on a like-for-like basis, which strips out the impact of currency swings and acquisitions.Yves Saint Laurent suffered an even bigger fall of 48% while Bottega Veneta contained the drop in revenue to 24.4%.Like rivals, Kering had to temporarily close shops and put manufacturing sites on stand-by as the virus spread from the key Chinese market to Europe and the United States.Its online sales bounced, however, and accounted for 18% of revenue in the second quarter, up from under 10% at the start of the year, Duplaix said.Shares in Kering closed down 2.7% on Tuesday ahead of the release, dragged down by investors’ disappointment with the bigger-than-expected drop in core profits at LVMH.Reporting by Silvia Aloisi, Editing by Sarah White and Emelia Sithole-MatariseMILAN/PARIS (Reuters) - French luxury group Kering said on Tuesday second-quarter comparable sales plunged by 43.7% due to the COVID-19 pandemic, adding it could not provide a forecast for the second half of the year despite an encouraging recovery in Asia.
See others named anand kering anand’s public profile badge. The sales drop at the conglomerate that owns Gucci was a touch better than analyst expectations, with those at UBS citing a consensus for a 46% fall.Analysts said that was partly due to Kering’s higher dependence on third-party manufacturing, which helped it mitigate the impact of fixed costs when its factories had to close because of the health crisis.Kering said in a statement that it lacked enough visibility to forecast revenue trends or margins for the rest of the year, while Chief Financial Officer Jean-Marc Duplaix told reporters the absence of tourist flows would weigh on the industry for some time yet.“The loss in revenue experienced in the first six months of the year should not be offset in the second half,” the company said.However, Duplaix said sales momentum had picked up in June in all regions as lockdowns eased, with the group’s brands doing particularly well in China - average sales growth there ranged from 40% to 70% since May.Chinese shoppers accounted for 37% of luxury goods sales in 2019, though they made the bulk of their purchases while travelling abroad. Kering said it expected operating margins to decline, adding it had implemented "an initial action plan aimed at adapting its cost base and containing its working capital requirement," without giving further details. François-Henri Pinault (French: ; born () 28 May 1962) is a French businessman, the chairman and CEO of Analysts at Citi said Kering's forecast seemed "better than feared and much better than some peers having recently provided guidance.
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