Kering has reported worse-than-expected FY20 revenue. All brands experienced a less-than-expected performance during the last quarter of 2020. In particular, the higher exposure to tourism and the continued downstream optimisation have left Gucci’s performance trailing its industry peers.
However, the fast-growing share of online business and the favourable geographic mix have not only maintained the profitability in line with market expectations, despite the underperformed top-line performance ....
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Gucci underperformed
Kering has reported worse-than-expected FY20 revenue. All brands experienced a less-than-expected performance during the last quarter of 2020. In particular, the higher exposure to tourism and the continued downstream optimisation have left Gucci’s performance trailing its industry peers.
However, the fast-growing share of online business and the favourable geographic mix have not only maintained the profitability in line with market expectations, despite the underperformed top-line performance ....