Sales growth at Kering’s Gucci slows in Q2 as China weighs

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Reuters UK

PARIS (Reuters) – Sales at French luxury group Kering’s top brand Gucci rose by just 4% in the second quarter, the group said on Wednesday, as a new round of lockdowns weighed on revenues in the key Chinese market. Overall sales for Kering, which is also home to fast-growing labels Saint Laurent and Bottega Veneta, came in at 4.97 billion euros ($5.03 billion), up 12% on a comparable basis. The figure was above market expectations for revenues of 4.44 billion euros according to a Visible Alpha consensus cited by UBS. Gucci’s 4% growth in the three months to June compared with a 19% rise over t…

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