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April 28, 2017

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French luxury giant Kering '13 profits slump on restructuring

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.

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