A Gucci store at Harbour City shopping mall, operated by Wharf Holdings Ltd., in Hong Kong, China, on Friday, June 2, 2023. Shares of French luxury group Kering plunged 14% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions. Kering plunged to the bottom of the Stoxx 600 after a delayed open, dragging other European luxury lines with it. Gucci comparable revenues in the first quarter are expected to be down by nearly 20% year on year." The slowdown is expected to derive primarily from Asia — and chiefly from China, whose economy has been struggling.

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Persons: Gucci, Kering, Christian Dior, Hermes, Burberry Organizations: Wharf Holdings Ltd, Gucci, Asia — Locations: Harbour City, Hong Kong, China, Asia, London, Pacific