"},"content":{"rendered":"![\"\"](\"https:\/\/luxus-plus.com\/wp-content\/uploads\/2024\/10\/426483481_793635819468403_4382550630930861647_n-819x1024.jpg\" "\\"426483481_793635819468403_4382550630930861647_n\\"")
<\/p>\n
Kering did, however, sound a number of hopeful notes.<\/p>\n
<\/p>\n
Armelle Poulou, Kering’s CFO, explained to the press that the new offer marked by an \u201caesthetic turnaround\u201d, conceived by Sabato de Sarno, the new artistic director since the beginning of 2023, was \u201c very well received\u201d by the existing customer base. Armelle Poulou admitted, however, that \u201cthe challenge\u201d was \u201cto continue to intensify the recruitment of new customers\u201d, but that this was \u201calso linked to the economic context and the drop in traffic\u201d.<\/p>\n
<\/p>\n
The Kering press release emphasized that \u201cthe renewal of the Leather Goods category, with the introduction of numerous new products at the end of the quarter\u201d, was \u201cwell under way\u201d.
\nAccording to Armelle Poulou, Gucci has also beefed up its communications, with, for example, its latest campaign highlighting its very luxurious Blondie handbag and the House’s heritage.<\/p>\n
<\/p>\n
Finally, in early OctoberGucci announced the appointment of Stefano Cantino as General Manager. Already Deputy Director, he will replace Jean-Fran\u00e7ois Palus, a close associate of Fran\u00e7ois-Henri Pinault, at the beginning of 2025.<\/p>\n
<\/p>\n
By the end of the year, the organization chart will be further enriched with”new senior executives to head communications \u201d, according to Armelle Poulou.<\/p>\n
<\/p>\n
Bottega Veneta and Kering Eyewear, the two exceptions<\/h2>\n
<\/p>\n
With the exception of Bottega Veneta, Kering’s other Houses also performed poorly in the third quarter.<\/p>\n
<\/p>\n
At Bottega Veneta, sales rose by +4% as reported (+5% on a comparable basis) to 397 million euros, boosted in particular by its Leather Goods and directly-operated network (+9% on a comparable basis), buoyed by double-digit growth in North America and Western Europe. Wholesale activity, however, declined by 10% on a comparable basis.<\/p>\n
<\/p>\n
By contrast, Yves Saint Laurent sales fell by 13% on a reported basis (-12% on a comparable basis) to 670 million euros, with its wholesale channel itself down 20% on a comparable basis.<\/p>\n
<\/p>\n
To regain momentum, the House is planning a number of leather goods launches between now and the end of the year.<\/p>\n
<\/p>\n
The Other Houses were also dragged down in the third quarter (-15% on a reported basis and -14% on a comparable basis to 686 million euros), also weighed down by Wholesale, down 28% on a comparable basis. However, Balenciaga ‘s leather goods lines recorded \u201cvery good performances\u201d, while the second show underAlexander McQueen ‘s new identity was \u201cvery enthusiastically received\u201d and\u201cBrioni continues to grow\u201d. The performance of the Jewelry Houses was \u201cresilient\u201d.<\/p>\n
<\/p>\n
Still modest and recent, the Kering Eyewear and Corporate division stood out with revenues up 32% on a reported basis to 440 million euros. On a like-for-like basis, however , growth was limited to +4%, as the segment \u201calso includes Kering Beaut\u00e9’s business, which was boosted by a significant contribution from Creed\u201d.<\/p>\n
<\/p>\n
Significant slowdown in Japan<\/h2>\n
<\/p>\n
Geographically, Kering reports \u201ctrends by region\u201d, which are \u201cdeteriorating compared to the second quarter, particularly in Asia-Pacific and Japan, which is experiencing a significant slowdown\u201d.
\nActivity in North America and Western Europe is contrasted according to the Houses.<\/p>\n
<\/p>\n
According to Fran\u00e7ois-Henri Pinault, the Group’s \u201cabsolute priority\u201d now \u201cis to create the conditions for a return to healthy, sustainable growth, while further strengthening the control of\u201d its \u201ccosts and the selectivity of\u201d its \u201cinvestments\u201d. \u201cWe have the strategy, the organization and the talent to achieve these objectives,\u201d he said.<\/p>\n
<\/p>\n
Herm\u00e8s still in good shape<\/h2>\n
<\/p>\n
\n
\n\t\t