Gucci Revenue Dives by 25%, Kering Warns of Weakest Annual Profit in Years

The sector-wide luxury slowdown continues to claim more victims as French luxury conglomerate Kering warned that profits may post even lower than the already poor forecast due to declining performance at its flagship brand Gucci.Kering's third-quarter report showed that Gucci's revenue tanked by 25% year-over-year, contributing to the overall 16% sales drop across Kering's brand portfolio. Its second-largest brand, Saint Laurent reported a 12% sales drop, while sales at the rest of the company's...