Kering: Disappointing Q1 with 8% sales decline at Gucci

NEUTRAL, Fair Value EUR195 vs. EUR205 (+10%)
News published on April Wednesday 22, 2015
Share on

Kering Group’s Q1 2015 sales declined 0.6% organically, below market expectations (consensus: +1.3%). Q1 forex had an around 11% positive impact. Kering’s Luxury organic sales decreased even more strongly (-2.6% vs +1% for the consensus). We remain Neutral on Kering with a new EUR195 FV vs EUR205 previously.

For more information please contact

The Essentials

Everything you need to know about investment banking dedicated to growth
Recent Transactions Highlights
From M&A, to IPOs see what’s been happening at Bryan, Garnier & Co this year
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities