UPDATE 1-Gucci owner Kering flags China virus uncertainties after strong Q4 [Reuters]
KERING SA UNSP/ADR (PPRUY)
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Source: Reuters
Gucci owner Kering flags China virus uncertainties after strong fourth-quarter PARIS (Reuters) - Kering ( PRTP.PA ) said on Wednesday the coronavirus epidemic in China could heighten uncertainties for the luxury goods market, as the group posted higher-than-expected sales for the fourth quarter of 2019, helped by its star brand Gucci. The company said the virus outbreak, which has particularly affected its key Chinese market, could have an impact on “consumption trends and tourism flows, and their ability to affect economic growth.” Last year Kering, like other luxury labels, managed to offset a sharp decline in sales in Hong Kong, due to months of protests in the Chinese-ruled city, thanks to strong growth in mainland China. But with entire cities in the world’s second biggest economy shut off, flights canceled and many countries banning entry to visitors coming from China, Kering and other high-end houses could face a major sales hit. Kering’s financial chief Jean-Marc Duplaix tol
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