The new Gucci store on Bond Street on 27th September 2023 in London, United Kingdom. 

Mike Kemp | In Pictures | Getty Images

Shares of French luxury group Kering sunk more than 9% at open on Wednesday, after the company warned that it expects a sharp downturn in first-half profits as a result of waning demand for its Gucci brand.

The stock was trading down 8.9% by 8:15 a.m. London time.

The group on Tuesday said that it anticipates a decline of 40% to 45% in first-half operating income, compared to the same period in 2023.

It comes as Kering said group sales fell to 4.5 billion euros in the first quarter, down 10% on a comparable basis.

This is a breaking news story. Please check back for updates.

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