Gucci’s first quarter sales fell 25 percent on a comparable basis as the brand struggles to turn a corner in a rocky market for luxury. The drop comes on top of easy comps, as the Italian luxury label’s sales already fell by 18 percent in the same quarter last year.
Owner Kering said sales had fallen 14 percent overall as Saint Laurent and Balenciaga were also pinched by the current downturn in luxury demand.
Rival LVMH also reported falling sales in its fashion division, down 5 percent at the start of the year.
Stay tuned to BoF for updates on this developing story.