Sales at Kering’s Gucci fashion brand falls below expectation

Customers line up to enter Gucci Fashion store: (PHOTO: Reuters)

Sales at Kering’s Gucci fashion brand fell more than expected in the fourth quarter, underperforming some rivals starting to recover even as the COVID-19 pandemic keeps consumers from travelling abroad and shopping.

Gucci accounts for 60 per cent of revenues and 80 per cent of profits at the French conglomerate, and has been one of the industry’s top performers in recent years, making it a major focus for analysts and investors.