French luxury giant Kering '13 profits slump on restructuring
February 22, 2014, 12:03 am TWN
PARIS--French luxury giant Kering said Friday that profits slumped in 2013 as the group restructured to refocus on high-end products like Gucci and Yves Saint Laurent.
Net profit dropped from slightly more than 1.0 billion euros in 2012 to 49.6 million euros last year (US$68.0 million), the group said in a statement.
Kering shares dropped 3.45 percent to 149.65 euros in morning trading.
Such a profits fall is particularly unusual in the French luxury products sector which comprises many top global brands and has been boosted by broad expansion into emerging markets over several years.