Gucci Sales to Plunge 20% in First Quarter on Asia Slowdown, Kering Says.

Kering SA, the parent company of Gucci, has warned that Gucci's sales will drop by about 20% in the first quarter due to a significant decline in the Asia-Pacific region. This has widened the gap between Kering and its main competitors in the luxury industry. Kering has been struggling to keep up with rivals like LVMH and Hermes International, especially in China, where luxury sales have slowed down. Gucci's sales have been declining, and the company is hoping that new designs from its latest collection will be well-received. The company plans to release its quarterly results on April 23. [Extracted from the article]