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THE WHAT? Gross sales at luxe magnificence firm Kering have fallen 7 p.c in This autumn.
THE DETAILS Within the fourth quarter of 2022, Gucci’s income was down 14 p.c on a comparable foundation relative to the identical interval in 2021. Not directly operated shops, gross sales dropped 15 p.c from a really excessive base.
THE WHY? Gucci was affected by the impression of COVID-19 lockdowns in China and is within the midst of a management change. On the identical time, Balenciaga took a gross sales hit following a controversial promoting marketing campaign that includes youngsters.
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