PARIS :French luxury group Kering's star fashion brand Gucci grew sales by just 3.8per cent in the third quarter, missing analyst expectations as the pace of recovery from COVID-19 slowed down sharply, particularly in Asia, following a bumper second quarter.
Overall sales at Kering rose by 12.2per cent on a comparable basis, which strips out the effect of acquisitions and currency fluctuations, a touch above an analyst consensus forecast for an 11per cent increase. Analysts had expected revenue at Gucci to rise by 9per cent in the three months to end-September after an 86per cent surge in the previous quarter. By comparison, LVMH's fashion and leather goods division, home to Louis Vuitton and Dior, posted a 24per cent increase in third-quarter sales.
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