Luxury group Kering has reported revenue of €12.8 billion for the first nine months of 2024, down by 12% compared to the same period last year. Report by Leatherbiz.

Between January and September, the revenues that the group’s biggest brand, Gucci, achieved reached €5.7 billion. This is a decline of 22% year on year.

For Yves Saint Laurent, revenues reached €2.1 billion, down by 10% compared to the first nine months of 2023.

Bottega Veneta provided some respite from the bad news, contributing more than €1.2 billion to Kering’s nine-month total, an increase of 2% year on year for the Italian leathergoods brand.

The group explained that the decline in revenues at Gucci for the third quarter in isolation was even steeper, falling by 26% to reach a little more than €1.6 billion.

Kering said Gucci had been “particularly impacted by market conditions, especially in Asia-Pacific”. It added that an overhaul of Gucci’s leathergoods category is under way, with the of “a host of new products” late in the third quarter.

It said Yves Saint Laurent was also “further enriching” its leathergoods lines, “with numerous product launches planned between now and the end of the year”.

Third-quarter growth for Bottega Veneta was even higher than the nine-month figure. It achieved revenues of almost €400 million in July, August and September, up by 4% year on year. Kering said Bottega Veneta’s performance “continues to be buoyed by the outstanding success of its leathergoods range”.