The luxury group Kering, second in the world after LVMH, has recently announced a significant decline in sales for the year 2024. With a 12% drop in revenue to 17.19 billion euros and a staggering 62% decrease in net profit to 1.13 billion euros, the company is facing challenges that are impacting its flagship brand, Gucci.
Kering: In 2024, Sales Decline
The year 2024 has proven to be a challenging period for Kering, as the luxury conglomerate experienced a notable decline in sales. Despite its strong position in the luxury market, Kering saw its revenue drop by 12% to 17.19 billion euros. This decline in sales has raised concerns among investors and industry analysts about the future prospects of the group and its brands.
Gucci Sinks
One of the most significant contributors to Kering's sales decline in 2024 is its iconic brand, Gucci. The Italian luxury fashion house, known for its bold designs and high-quality products, has been struggling to maintain its market position. Gucci recorded a 24% decrease in sales, signaling a deepening crisis for the brand.
Gucci in Crisis: Sales Down by 24%
The sharp decline in Gucci's sales by 24% in 2024 has sent shockwaves through the luxury fashion industry. The brand, which has long been a symbol of luxury and sophistication, is now facing challenges that are impacting its performance. Gucci's inability to adapt to changing consumer preferences and market dynamics has led to a significant drop in sales, raising concerns about its future growth prospects.
Kering, Gucci Sales Still Declining
Despite efforts to revitalize the brand, Gucci's sales continue to decline within the Kering group. The luxury conglomerate is facing mounting pressure to address the challenges facing Gucci and find new strategies to boost sales and regain market share. As Kering grapples with Gucci's sales slump, the group is actively seeking new avenues for growth and innovation.
Gucci's Sales Collapse: 23% Decrease in 2024
The year 2024 has proven to be a tumultuous period for Gucci, with a significant 23% decrease in sales. The sharp decline in revenue has raised questions about the brand's ability to navigate the evolving luxury market landscape and appeal to discerning consumers. Gucci's sales collapse underscores the challenges facing the brand and the broader luxury industry.
Luxury Market Faces Challenges Amid Gucci's Sales Decline
The luxury market is grappling with the fallout from Gucci's sales decline, with industry analysts pointing to various factors contributing to the crisis. One key factor is the impact of the Chinese market, which has historically been a significant driver of growth for luxury brands. As the luxury sector faces headwinds, from changing consumer preferences to economic uncertainties, brands like Gucci are under pressure to adapt and innovate to stay competitive.
Luxury Crisis 2024: From LVMH to Gucci
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