Market News for Morgan Stanley (MS)
Kering Tumbles On Profit Warning As Gucci Revamp Stumbles Gucci owner Kering SA's problems in mainland China are only mounting as the French luxury giant issued a profit warning. As a result, shares of the company in Paris plunged to a six-year low. Lackluster Chinese demand for the luxury goods maker, which includes the Gucci, Balenciaga, Bottega Veneta, Yves Saint Laurent, Creed, and Alexander McQueen brands, sparked turmoil in Paris trading on Wednesday. Shares were down as much as 10%, tumbling to lows not seen since October 2017. Kering said its sales in the first quarter dropped 11%, citing "tough market conditions" in its Asia-Pacific unit, particularly in China, one of the world's largest luxury goods markets. Group first-quarter revenue: €4,504 million, down 11% as reported and down 10% on a comparable basis "Kering's performance worsened considerably in the first quarter. While we had anticipated a challenging start to the year, sluggish market conditions, notably in China, and the strategic repositioning of certain of our Houses, starting with Gucci, exacerbated downward pressures on our topline," Francois-Henri Pinault, chairman and chief executive officer of Kering, wrote in a statement....
Zero Hedge - 4/24/2024 9:40:00 AM
More News for C
Stock Analysis for C
Related Stocks: TRVC-GF,TRVC-GM,TRVC-GY,TRVC-GH,TRVC-GS,TRVC-GI,TRVC-GD,TRVC-GB,C,DWD-GF,DWD-GM,DWD-GY,DWD-GH,DWD-GS,DWD-GI,DWD-GD,DWD-GB,0QYU-LN,MS-PE,MS,MS-L,MS-K,MS-I,MS-E,MS-A,PPRUY,PPRUF,PPX-GF,PPX-GM,PPX-GY,PPX-GH,PPX-GS,PPX-GI,PPX-GD,PPX-GB,KER-FP,PPRUY,PPRUF
