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Gucci shines in China www.cnn.com
Chinese shoppers might have lost their appetite for iPhones, but they are still buying luxury bags.
Kering (PPRUF), the owner of brands like Gucci and Yves Saint Laurent, just reported bumper sales driven by strong growth in Asia.
Its revenue increased 26% in 2018 to €13.6 billion ($15.4 billion).
Luxury companies LVMH (LVMHF), L'Oreal (LRLCF) and Hermes (HESAF) have also defied expectations of weaker sales in China caused by a slowdown in the world's second largest economy.
Concerns were sparked earlier this year when Apple (AAPL) warned that it was selling fewer iPhones in China.
Kering did have some words of warning for investors. The company said the business environment "remains unsettled" because of geopolitical risks, trade policies and fluctuations in exchange rates.
Shares in Kering dropped 3% in Paris after earnings were announced. Helen Brand, an analyst at UBS, said the stock has been trading higher ahead of the earnings in anticipation of strong results.
Published Date:2019-02-13
