Gucci’s China shock reverberates across the luxury fashion landscape

A file picture shows models presenting creations from the Gucci Autumn/Winter 2024 collection during Milan Fashion Week in February. Photo: Reuters

Fears of a slowdown among Chinese shoppers have dogged the luxury industry for the better part of a year. Last week the scale of the problem hit home for one of fashion’s biggest but most exposed brands, Gucci.

French group Kering SA saw US$9bil (approximately RM42.6bil) wiped off its market value after warning that sales of the Italian label’s products in China have slumped this quarter.