Gucci Sales Plunge 20% in Q1, Wiping $7.6B off Kering's Market Value As China and Consumer Worries Persist
• Kering shares tumbled 14% as the company warned Gucci sales fell about 20% in Q1, wiping out $7.6B in market value
• The steep sales decline widens the gap between Kering and rivals LVMH and Hermes which have been more resilient
• New Gucci designer Sabato De Sarno unveiled his first collection in September showing a more minimalistic aesthetic
• The warning raises worries about consumer spending and China's economy according to analysts
• Gucci's high Asia exposure versus rivals leaves it more vulnerable as China's luxury recovery remains slow