Gucci-owner Kering drops to seven-year low after weak forecast, revenue drop on low China sales

Shares in a luxury group fell after it reported a decline in revenue for the first half of the year and issued a weak forecast for the remaining months. The group stated that its revenue had fallen 11% in the first half of 2024 compared to the previous year. China experienced a significant deceleration, while North America and Europe did not show substantial improvements. The luxury firm expects its recurring operating profit to decrease by up to 30% in the second half of the year due to uncertainties in luxury consumer demand.