(Shanghai Bloomberg) French Kaiyun Group warned that the company's sales of the company's Italian brand Gucci declined in China this quarter, resulting in its market value shrinkage of $ 9 billion (about S $ 12.1 billion).
People familiar with the matter revealed that Guti's online sales in China have fallen sharply in China in recent months, including the official website and Tmall e -commerce platform.
Kaiyun Group last Tuesday (March 19) said that Guti's sales this quarter fell by nearly 20%, of which the Asia -Pacific region was the largest.Gucci accounts for about half of the sales of Kaiyun Group and more than two -thirds of profits.
It is reported that China's unemployment rate and the downturn in the real estate market have hit consumer confidence, and the pressure of shrinkage has also exacerbated people's concerns about the Chinese economy.
Swiss watch is another luxury product that is affected by the emotional changes of Chinese consumers.The Swiss Watch Industry Federation stated last week that the exports to mainland China in February decreased by 25%year -on -year, and the exports to Hong Kong fell by 19%.The exports of Swiss watches to mainland China and Hong Kong exceeded the largest single market in the United States.
A report from Consulting Company Bain predicts that the growth rate of Chinese luxury goods sales this year will slow to medium single digits, and the previous increase in 2023 will be 12%.Some brands may be forced to seek ways to reduce dependence on China.
