PARIS—Kering Eyewear, part of the global luxury group Kering, has reported revenue of €463 million in the first quarter of 2024, up 8 percent on a comparable basis. Overall, revenue from the Kering Eyewear and Corporate segment amounted to €536 million, up 24 percent as reported and up 9 percent on a comparable basis, the company announced. However, Kering Group’s revenue for the first quarter of 2024 was down 11 percent as reported and down 10 percent on a comparable basis to €4.5 billion, the company reported. The revenue drop includes a negative currency effect of 3 percent and a positive scope effect of 2 percent, resulting from the consolidation of Creed.

“Kering’s performance worsened considerably in the first quarter," said François-Henri Pinault, chairman and chief executive officer. "While we had anticipated a challenging start to the year, sluggish market conditions, notably in China, and the strategic repositioning of certain of our Houses, starting with Gucci, exacerbated downward pressures on our topline. 

“In view of this revenue decline, together with our firm determination to continue investing selectively in the long-term appeal and distinctiveness of our brands, we now expect to deliver sharply lower operating profit in the first half of this year," he continued. "All of us are working tirelessly to see Kering through the current challenges and rebuild a solid platform for enduring growth.”

Revenue from the directly operated retail network fell 11 percent on a comparable basis, as a result of lower store traffic. Trends in Western Europe, North America and Japan were in line with those of the fourth quarter of 2023, while a sharper decline was recorded in Asia-Pacific. Revenue in the Wholesale and Other segment was down 7 percent on a comparable basis, as the group continues to strengthen the exclusivity of its Houses’ distribution.

In the first quarter of 2024, Gucci’s revenue amounted to €2.1 billion, down 21 percent as reported and down 18 percent on a comparable basis. Yves Saint Laurent’s revenue in the first quarter of 2024 amounted to €740 million, down 8 percent as reported and down 6 percent on a comparable basis. Bottega Veneta’s revenue totaled €388 million in the first quarter of 2024, down 2 percent as reported and up 2 percent on a comparable basis. Revenue from the Group’s Other Houses totaled €824 million in the first quarter, down 7 percent as reported and down 6 percent on a comparable basis.

Taking into account the deterioration of its revenue trends, the Group now anticipates a decline of 40 percent to 45 percent in first-half 2024 recurring operating income compared with the first half of 2023, according to the company.