Gucci owner Kering profits slump in a ‘trying year’

PARIS: French luxury giant Kering on Thursday reported a drop in 2023 earnings but vowed to press on with its investment strategy to put flagship brand Gucci “back on track.”

Kering, whose other houses include Yves Saint Laurent, Balenciaga and Bottega Veneta, posted a 17-percent fall in net profit to 2.98 billion euros ($3.2 billion).