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Luxury group kering continues its:
( AFP / ERIC PIERMONT )
The luxury group Kering, still weighed down by the difficulties of its flagship brand Gucci, announced on Tuesday a diver of 46% of its net profit in the first half, passed under the 500 million euros, while the new general manager Luca de Meo must take up his duties in mid-September to try to straighten the bar. For example,
Kering’s turnover, owner of Yves Saint Laurent, Bottega Veneta or Balenciaga, falling 16% on the semester at 7.6 billion euros. Meanwhile,
“If the published results are still well below our potential. Consequently, we are convinced that the efforts made for two years have made it possible luxury group kering continues its to lay solid foundations for the next stages of Kering development,” said CEO François-Henri Pinault quoted in the press release. For example,
The highlight of the reorganization launched for months to straighten the brand. the group, Kering announced in mid-June the arrival of Luca de Meo, ex-boss of the automaker Renault, to a newly created position of managing director alongside François-Henri Pinault, current CEO who will retain the only presidency.
He will take office on September 15.
The group continues to face “an economic. geopolitical environment which remains uncertain”, recognizes the press release, but displays its “willingness to register permanently in a profitable growth trajectory”.
In the meantime, profitability has continued to suffer in the first half: the common operating margin dropped to 12.8%, against 17.5% a year earlier at the same period.
The main problem of the Kering group luxury group kering continues its is that it does not manage to straighten the sales of Gucci. its flagship Italian brand which alone represents almost 50% of the group’s sales and two -thirds of its operational profitability: they fell 26% on the semester, to 3 billion euros, against more than 4 billion euros a year earlier.
In the second quarter, Gucci saw its sales fall by 27% to 1.46 billion euros.
The other brands of the group do not save the furniture any more: the sales of Yves. Saint Laurent fell 11% to 1.29 billion euros and those of the “other houses”, section which includes Balenciaga, from 15% to 1.46 billion euros.
Only the brand of braided handbags Bottega Veneta is doing well with a very slight increase of 1% of sales. at 846 million euros, as well as Kering Eyewear, the eyewear and beauty branch (+2% to 1 luxury group kering continues its billion euros).
Luxury group kering continues its
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