Retail in Asia

In Sectors

Gucci sales jump in Europe and Japan offsets China weakness

Kering’s luxury brand Gucci posted a 0.4 percent drop in like-for-like third-quarter sales as spending by Chinese tourists in Western Europe and Japan only partially offset declines elsewhere in Asia.

The expected decline came after a surprise 4.6 percent sales rise in the second quarter, which was helped by one-off markdowns of previous collections, particularly in China.

Investors expect Gucci’s revamp under new Chief Executive Marco Bizzarri and creative head Alessandro Michele, appointed at the beginning of 2015, only to start yielding results towards the end of the year, and in earnest in 2016.

(Source: CNBC)