Tag: $Kering

Kering (PRTP), the owner of luxury brand Gucci, said on Tuesday it had agreed to sell a 60% stake in a prime New York property to private equity firm Ardian, raising $690 million in cash.

Gucci owner Kering (PRTP.PA), has agreed to sell its beauty business to L’Oreal (OREP.PA), for 4 billion euros ($4.66 billion), in a major shift in strategy by new CEO Luca de Meo as he moves to tackle the luxury group’s high debt and refocus on its core fashion business.

Gucci owner Kering (PRTP.PA), reported on Tuesday a 15% drop in quarterly revenues, falling short of market expectations, with its finance chief flagging further price hikes in the United States to counter tariffs.

Shares of French fashion house Kering popped as much as 10% on Monday on reports that it has appointed industry outsider Luca de Meo as group CEO.

Shares of Kering plunged on Friday after the company announced that Demna Gvasalia would take the reins as new artistic director of its ailing Gucci fashion line.

Sales at French luxury group Kering have been weighed down by weak performance at its biggest brand Gucci, as investors wait for a new designer to be named to lead a stalled turnaround.

Kering shares tumbled on Thursday after the Gucci owner reported a sharp drop in second-quarter sales and said it could see a 30% slump in firm-wide profits in the second half of 2024.

 Kering’s shares slumped on Wednesday, after the French luxury goods company warned it expected a 40% to 45% plunge in first-half operating profit.

Shares of French luxury group Kering plunged 14% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions.