Gucci Three Quarter Sales Fell 5.4%, China's Market Is Not Ideal.

KeringSA (KER.PA) Kai Yun group released its three quarter earnings today. The three quarter sales of the Gucci Gucci brand, which is concerned, is down 5.4%, and its performance continues to be disappointing. KeringSA (KER.PA) Jean-MarcDuplaix, chief financial officer of Kai Yun group, admitted Gucci for the first time. Gucci Chinese sales fell, but declined to disclose specific data.

As of the three quarter of September 30, 2013, KeringSA (KER.PA) revenue declined by 1.5% to 2 billion 523 million euros, of which the luxury sector grew 1.5% to 1 billion 617 million euros, while sports and lifestyle brand revenue fell 7.6% to 896 million euros.

KeringSA (KER.PA) Kai Yun group said that due to the problem of human flow in the three quarter, Gucci KER.PA was uneven in terms of regional performance. Japan and the United States grew steadily because of poor performance in the Asia Pacific region. In Western Europe, Italy continued to weaken as a result of the main market. KeringSA (KER.PA) Kai Yun group said that sales of Gucci Gucci China fell to "low single digit". In Asia Pacific market except Japan, the overall sales fell by 2%, and the region's revenue accounted for more than 1/3 of Gucci Gucci's total revenue. Western European market revenues also declined by 2%, while Japan and the United States increased by 10% and 3% respectively.

　　 BottegaVeneta Performance continued to be in the leading position of the group, and sales in the three quarter increased by 7.3% to 259 million 300 thousand euros compared to the same period last year, up by 15.8% on the basis of growth. The mature market and emerging markets increased by 13% and 21% respectively, and the sales of the outlets increased by 18%. The SaintLaurent brand performance was also ideal. The three quarter revenue grew 7.2% to 139 million 300 thousand euros, which grew by 12% than that on the basis. The growth of the direct channel sales was 12%. The SaintLaurent brand of the Japanese quarter was very strong, the sales growth was sharp, the growth of the Western European market was also strong, and the growth rate of the North American market was very low. KeringSA (KER.PA) Kai Yun group said that the brand and the handbag recently launched by the SaintLaurent brand were very successful. In the three quarter, the income of other brands in the luxury sector increased by 15.3% to 353 million 700 thousand euros. Despite the high digit growth, compared with double-digit growth in the first quarter and the same period last year, other brands other than Gucci Gucci were also lower than analysts' expectations.

Gucci Gucci continued to refresh its worst industry since the financial crisis. Following the 0.1% increase in the two quarter, the three quarter's performance was the worst after its 7% quarter in the three quarter of 2009. 24 days closing KeringSA (KER.PA) Kai Yun group shares fell 1.12% to 172.65 euros.

KeringSA (KER.PA) Jean-MarcDuplaix, chief financial officer of Kai Yun group, said in an interview that the decline in sales of Gucci Gucci China was mainly due to the negative performance of China's sales environment. Meanwhile, the transformation of Gucci Gucci to high priced products also reduced the sales of low-priced products at the entry-level level. Jean-MarcDuplaix also said that BambooShopper's high price Logo free leather products increased from 35% to 55%, compared with the same period last year, and the average price of leather goods was 10% higher.

BNPParibas, a luxury analyst at Paris bank, LucaSolca, said the decline in Gucci Gucci's sales is global. Luxury goods The market is slowing down, partly because of its streamlining of wholesale channels. Gucci Gucci has recently begun to switch channels, especially in the United States, Japan, Italy and other important markets, and will gradually transform the way of expanding stores to direct store mode through renovation.