Kering Shares Decline as Luxury Sector Faces Pressure Ahead of Earnings Season

Deep News06-30

Shares of Kering, the parent company of Gucci, fell 5% following a pre-earnings analyst call where the group reiterated its commitment to a steady recovery and maintained its full-year performance guidance.

Analysts noted the challenging macroeconomic environment, adverse currency effects, and disruptions to retail and tourist traffic in the Middle East due to ongoing conflicts. Jefferies highlighted that persistent operational pressures in the Chinese market continue to weigh on the group's revenue performance.

In a contrasting move, HSBC raised its price target for Kering from €280 to €290, citing a sequential improvement in the group's organic sales, with an estimated growth rate of 2% for the second quarter.

Kering's CEO, Luca de Meo, who took the helm last year with the task of revitalizing several struggling brands within the portfolio, unveiled an ambitious growth strategy this past April.

Other luxury peers also closed lower, with shares of LVMH, Richemont, Hermès, and Burberry declining between 1% and 2%. Meanwhile, the broader European Stoxx 600 index gained 0.6% in early trading.

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