Shares of French luxury group Kering sunk more than 9% Wednesday after the company warned that it expects a sharp downturn in first-half profits as demand for its Gucci brand continues to wane.
French luxury group Kering reported a 10% drop in first-quarter sales on Tuesday, dragged down by a slowdown at its star label Gucci, which suffered from weakness in Asia while undergoing a design overhaul.
Shares in Kering dropped after the Gucci owner said it expected sharply lower operating profit in the first half, as it grapples with sluggish demand in China.
Shares of Gucci owner Kering tumbled on Wednesday after the French luxury giant issued a profit warning following slumping sales at its flagship brand.