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4/21, 5:56 PM (Source: TeleTrader)
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Kering reports 15.4% drop in revenue in Q1

Luxury group Kering SA said on Tuesday that its revenue in the first quarter of 2020 amounted to €3.2 billion, dropping 15.4% year-on-year. From Kering's fashion houses the largest drop was seen in Gucci, whose revenue fell 23.2% to €1.8 billion in the first quarter.

The largest revenue decrease came as stores were closed in Asia throughout February, while March saw closures in Europe and the United States amid the coronavirus crisis. However, Kering stressed that its e-commerce business rose 21.1% in the first quarter.

CEO Francois-Henri Pinault said: "The Covid-19 pandemic took a heavy toll on our operations in the first quarter. We took immediate action to ensure the safety and well-being of all the Kering people around the world, and of our customers. We also lent our support to the communities in which we are present, helping meet the extraordinary needs generated by this public health crisis, notably among healthcare workers and hospitals." He added that he is confident that the fashion houses "will all emerge from this period of uncertainty at the top of their game."

Breaking the News / VP