Kering's sales for Q3 2024 have seen a significant decline, with organic growth dropping by 16%, slightly worse than the expected decline of 15%. Total sales reached €3,786 million, down 5% from €3,968 million, which aligns closely with analyst expectations of €3,795 million.
Gucci's sales fell to €1.6 billion, reflecting a 26% decrease on a reported basis and a 25% drop on a comparable basis. Yves Saint Laurent also experienced a downturn, with sales of €670 million, down 13% reported and 12% comparable.
The group's recurring operating income for 2024 is projected to be around €2.5 billion, indicating ongoing challenges in the luxury market.