×
74 407
Fashion Jobs
RALPH LAUREN
ft Children's Sales Professional
Permanent · Manhasset
MONCLER
Sales Floor Supervisor
Permanent · LIVERMORE
ABERCROMBIE KIDS STORES
Abercrombie Kids - Brand Representative, South Shore
Permanent · Braintree
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Outlets at Orange
Permanent · Orange
ABERCROMBIE KIDS STORES
Abercrombie Kids - Brand Representative, Fashion Fair
Permanent · Fresno
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Ontario Mills Outlet
Permanent · Ontario
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Promenade
Permanent · Temecula
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Galleria at Roseville
Permanent · Roseville
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Citadel
Permanent · Colorado Springs
ABERCROMBIE KIDS STORES
Abercrombie Kids - Brand Representative, Woodlands
Permanent · The Woodlands
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Pacific View
Permanent · Ventura
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Walden Galleria
Permanent · Buffalo
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Eastview
Permanent · Victor
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Vintage Faire
Permanent · Modesto
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Brand Representative, Galleria at Roseville
Permanent · Roseville
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Plaza Bonita
Permanent · National City
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time - Jersey Gardens
Permanent · ELIZABETH
HOMEGOODS
Loss Prevention Customer Service Associate
Permanent · New York
TJX COMPANIES
Loss Prevention Detective
Permanent · Midland
MARSHALLS
Loss Prevention Detective Full-Time
Permanent · Reynoldsburg
BANANA REPUBLIC
General Manager - Streets @ Southpoint
Permanent · DURHAM
OLD NAVY
Assistant General Manager - Puerto Rico Premium
Permanent ·
By
Reuters API
Published
Jul 28, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Gucci owner Kering's sales plunge, but Bottega Veneta sees smaller drop

By
Reuters API
Published
Jul 28, 2020


French luxury group Kering said on Tuesday that second-quarter comparable sales had plunged by 43.7% due to the coronavirus pandemic, adding it could not provide a forecast for the second half of the year despite an encouraging recovery in Asia.


Gucci - Spring-Summer2020 - Womenswear - Milan - © PixelFormula



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. Rival LVMH managed to limit its own sales decline to 38%, though its operating margins were hit hard, limping in at 9% while Kering's shrank to 17.7%.

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.

Kering said it was cutting costs, while not canning investments in its brands altogether, which usually spend heavily on marketing campaigns and key events such as fashion shows that give them massive 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 recovering Bottega Veneta contained the drop in revenue to only 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.

© Thomson Reuters 2023 All rights reserved.