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Kering facing drop in U.S. consumption, CEO says - Finance news and analysis from Global Banking & Finance Review
Finance

Kering facing drop in U.S. consumption, CEO says

Published by Global Banking & Finance Review

Posted on May 13, 2025

1 min read

· Last updated: May 13, 2025

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Kering Experiences Significant Drop in US Consumption

PARIS (Reuters) -Gucci-owner Kering has seen a stark decline of demand for its luxury and fashion goods in the United States, its Chief Executive Francois-Henri Pinault told French senators at a parliamentary hearing on Tuesday.

"The drop in consumption, which has been going on for several weeks now, is quite strong", Pinault said.

Kering last month reported weak first-quarter sales, dragged down by a 25% drop at Gucci.

(Reporting by Tassilo Hummel; Editing by GV De Clercq)

Key Takeaways

  • Kering reports a decline in US luxury goods demand.
  • Gucci sales dropped by 25% in the first quarter.
  • CEO Francois-Henri Pinault addressed French senators.
  • The consumption drop has persisted for several weeks.
  • Kering's financial performance is under scrutiny.

Frequently Asked Questions

What is the main topic?
The main topic is the decline in US consumption of Kering's luxury goods, particularly affecting Gucci's sales.
What did Kering's CEO report?
Francois-Henri Pinault reported a significant drop in US demand for luxury goods, impacting Gucci's sales by 25%.
How has Gucci been affected?
Gucci experienced a 25% drop in sales during the first quarter due to decreased US consumption.

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