PARIS, Feb 08 (AFP): French luxury giant Kering said Thursday its sales and net profit fell in 2023, warning its investment strategy will weigh on results this year as it refocuses its business around its flagship brand Gucci.
Kering, whose other houses include Yves Saint Laurent, Balenciaga and Bottega Veneta, reported a 17 per cent drop in net profit to 2.98 billion euros ($3.2 billion).
Sales retreated four per cent to 19.57 billion euros.
"In a trying year for the group, we strengthened our organization and took significant steps to further enhance the visibility and exclusivity of our Houses," chief executive Francois-Henri Pinault said in an earnings statement.
Gucci owner Kering says profit fell 17pc in 2023
FE Team | Published: February 09, 2024 01:00:46
Gucci owner Kering says profit fell 17pc in 2023
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