Gucci owner Kering shelves new store opening on virus frets, beats Q4 profit estimate



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Gucci owner Kering shelves new store opening on virus frets, beats Q4 profit estimate

On Wednesday, the 12th of February 2020, Kering SA, the Paris-based French multinational luxury group that owned a number of long-cherished luxury brands such Gucci, Brioni and Pomellato, Yves Saint Laurent, Alexander McQueen and a many more, had issued a public statement saying that the French luxury brand had already shut down half of its China outlets, while the Gucci-owner had also halted its planned openings of new stores alongside advertising campaigns in China amid a clattering coronavirus outbreak that led to the death of more than 1,000 people in past two weeks and infected over 42,000.

Aside from that, according to the French luxury consumer goods’ Q4, 2019, earnings’ report that revealed on Wednesday (February 12th), Kering SA had beaten its Q4 sales forecast and remained riant over its long-term sales prospect in both China and Europe, as the coronavirus epidemic in China appeared to have reached its plateau level and begun to ease according to the number of new infections recorded each day.

Meanwhile, adding that the French luxury group had cancelled a raft of revamps of its China stores alongside a number of new openings and spending on new product launches amid an ongoing virus epidemic that seemed to have reached its peak, Kering SA Chairman, Francois-Henri Pinault said in a post earnings’ call with the reporters on Wednesday (February 12th), “We are seeing a sharp drop in traffic and sales in mainland China.

” Nonetheless, following release of its upbeat holiday quarter sales, shares’ prices of Paris-listed Kering SA wrapped up Wednesday’s (February 12th) market 6.27 per cent to €598 per share.