Gucci growth sputters as Kering faces transition

Pretty picture: People take selfies outside a Gucci shop in Rome. The Italian label generated about two-thirds of Kering’s operating profit last year and is looking to further improve demand from Chinese consumers. — Reuters

PARIS: Gucci sales barely grew in the first quarter as Kering SA’s biggest luxury brand struggled to win over more shoppers with products such as Double G belts and furry Princetown slippers.

Revenue at Gucci rose 1% on a comparable basis, the company said. Analysts had expected a gain of about 2.7%. Investors pay particular attention to Gucci, the luxury conglomerate’s Italian label, which generated about two-thirds of Kering’s operating profit last year.