Iconic Italian fashion house Gucci’s sales grew by just 3.8% in the third quarter, missing analyst expectations
The logo of Kering is seen during the company's 2015 annual results presentation in Paris, France, February 19, 2016. REUTERS/Charles Platiau
"Gucci growth was disappointing, with retail sales +2% on a 2-year basis, decelerating from Q2 , negatively impacted by increased pandemic restrictions in APAC and a lack of product newness," wrote JP Morgan in a research note. Luxury goods groups have bounced back strongly from the fallout of the health emergency, lifted by pent-up demand for high-end wares as lockdowns ease across the world and consumers return to socialising.
However, shopping by travelling tourists - a key source of revenue for the sector - remains well below pre-pandemic levels.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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