Gucci sales hit hard by start of virus outbreak in China

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The health crisis first hit China – a major market for high-end wares – late last year before spreading elsewhere, and several European states including Italy and France as well as the United States have since gone into lockdown to try to cope.

At group level, Kering sales fell 15.4% to 3.2 billion euros ($3.47 billion). That was a 16.4% drop like-for-like, which strips out the effect of acquisitions and currency swings.

Gucci’s like-for-like sales were down 23.2% in the period, while those at Saint Laurent, which is less reliant on China, dropped 13.8%.