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Gucci owner Kering drops 16% as luxury braces for tough winter
LONDON: Shares in Gucci owner Kering tumbled 16% on Friday, set for their worst day ever after the group reported further sales declines but said it would stick with CEO Luca de Meo’s turnaround plan and accelerate store closures, aiming for 125 by year-end. The recovery long promised by luxury brands seems nowhere in sight, as the expansion of war in the Middle East, along with China’s tax crackdown on the wealthy, piled further pressure on the world’s biggest luxury conglomerates in the third quarter, and executives buckled in for a tough winter. Riots in Paris, leaving Louis Vuitton shop wi...
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