Luxury group Kering continues to tumble in first half, profit and sales plunge

Kering group, still weighed down by the difficulties of its flagship brand Gucci, announced on Tuesday a 46 percent plunge in its half-year net profit. This fell below 500 million euros. The new chief executive officer, Luca de Meo, is due to take office in mid-September to attempt to turn things around. Kering’s turnover, owner of Yves Saint Laurent, Bottega Veneta and Balenciaga, fell by 16 percent over the six months to 7.6 billion euros.