Story perspectives

Kering’s Gucci Sales Drop 6% as Shares Fall

By Drooid · Oct 23, 2026, 4:08 PM UTC · How we work

Summary

Kering Sales Decline

Kering reported a 6% comparable decline in Gucci sales for Q3 2026.
Kering shares fell up to 12% in Paris after the results.
Kering ADRs dropped 11% after the results.
Kering plans to close 125 stores by year-end, having already shut 105.
CFO Armelle Poulou said weak footfall, especially in China, left performance below expectations.

Summary

Saint Laurent Director Exit

Saint Laurent announced creative director Anthony Vaccarello’s departure after ten years, leaving the role vacant.
Alexander McQueen creative director Sean McGirr stepped down after a three-year tenure following the brand’s London Fashion Week return.
Kering will unveil a new Gucci flagship concept on Avenue Montaigne, Paris, in November.
Kering launched a content factory in China to produce locally-focused campaigns and client outreach.

History

Historical Context

The 2008 global financial crisis triggered a sharp contraction in luxury demand, as worldwide stock markets fell about 30% by October 2008 and the Baltic Dry Index plunged 50% in one week. LVMH’s 20% sales drop and store closures echo that downturn, while Kering now faces a 6% Gucci decline and similar closures. The episode reinforces the post-crisis shift toward diversifying away from China-centric growth.

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Kering Sales Decline

Kering reported a 6% comparable decline in Gucci sales for Q3 2026.
Kering shares fell up to 12% in Paris after the results.
Kering ADRs dropped 11% after the results.
Kering plans to close 125 stores by year-end, having already shut 105.
CFO Armelle Poulou said weak footfall, especially in China, left performance below expectations.

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