The comparison is cruel.
Two weeks after the announcement by LVMH of a return to record growth for Louis Vuitton in the last quarter of 2020 (+ 18%), Kering published disappointing figures on Wednesday.
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Kering confirms the strength of its model
Gucci, its flagship brand, which had set itself the goal of dethroning Louis Vuitton to become the world's leading luxury brand, failed to halt the decline in sales at the end of 2020: their decline in the fourth quarter (- 10 , 3%) is even stronger than in the third (- 8.9%).
Over the year as a whole, Gucci's turnover plunged 23.2% to 7.4 billion euros while that of Louis Vuitton fell only 3%, remaining above of 13 billion, according to analysts.
This stall is a blow for Kering, of which Gucci is the main source (83%) of profit.
The group's operating profit plunged 34%, to 3.1 billion euros, for a turnover of 13.1 billion (- 16.4%).
We are many We are emerging from five extraordinary years: Gucci's turnover has multiplied by 2.7 and its profits by 4.
François-Henri Pinault, CEO of Kering
For many industry analysts, the year of crisis, marked by
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