Gucci-owner Kering has seen a stark decline of demand for its luxury and fashion goods in the United States, its chief executive François-Henri Pinault told French senators at a parliamentary hearing on Tuesday.
âThe drop in consumption, which has been going on for several weeks now, is quite strong,â Pinault said.
Kering last month reported weak first-quarter sales, dragged down by a 25 percent drop at Gucci.
By Tassilo Hummel; Edited by GV De Clercq
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Keringâs Woes Deepen as Gucci Sales Tumble 25%
Group revenues fell 14 percent in the first quarter as Saint Laurent and Balenciaga also suffered from the downturn in luxury demand.