In the face of anticipated challenges, Kering has warned that it expects a decline of approximately 10% in its consolidated revenue for the first quarter of 2024 compared to the same period last year. This estimation primarily stems from a notable sales decrease at Gucci, particularly in the Asia-Pacific region, with Gucci's comparable revenues expected to plummet by nearly 20% year on year.
Selected Gucci stores have been offering early products, mainly from the Ancora collection, since mid-February. The initial reception of this new collection, which will gradually become more widely available in the coming months, has been overwhelmingly positive.
Kering is scheduled to unveil its first quarter 2024 revenue on April 23 after the market closes. This report will encompass the positive impact of Creed's consolidation for the entire quarter, alongside a negative foreign exchange (FX) impact. The combined effect of these factors is estimated to range from -1 to -2%.
