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Kering shares flat after Gucci names creative director

Published 30/01/2023, 08:41
Updated 30/01/2023, 13:39
© Reuters. A Gucci sign is seen outside a shop in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier

© Reuters. A Gucci sign is seen outside a shop in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier

PARIS (Reuters) - Kering (LON:0IIH)'s appointment of Sabato De Sarno to reinvigorate its prized Gucci label barely moved the French luxury group's shares in early Monday trading.

The group had been under pressure to quickly appoint someone to the top creative job at Gucci following the abrupt departure in November of Alessandro Michele.

De Sarno, a senior fashion designer from Valentino, will be tasked with reviving the fortunes of a brand that accounted for two-thirds of Kering's profits in 2021.

© Reuters. A Gucci sign is seen outside a shop in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier

The label has been losing momentum in recent years after stellar growth in 2015-19.

Kering's shares opened 0.1% lower.

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