Gucci sales slump continues as market awaits turnaround

PARIS, Feb 11 (Reuters) - Luxury group Kering (PRTP.PA), opens new tab said its return to growth will take time after its embattled star label Gucci posted another quarter of weak sales and has yet to name a new chief designer to galvanise the Italian brand.Shares in Kering jumped in early trade on Tuesday, before paring gains, as the market briefly seized on hopes the company had reached an inflection point.The French group said its sales fell 12% in October-December on a comparable basis from a year earlier, dragged down by a 24% drop at Gucci, which accounts for nearly

half of group sales and two thirds of recurring operating profit but continues to struggle.Sales at the group's smaller labels, particularly the upmarket Bottega Veneta, did better than expected, however."These results should reassure investors that trends are modestly improving against low sentiment and favourable positioning," analysts at RBC said in a note.Kering CEO Francois-Henri Pinault said the group has reached a "point of stabilization, from which we will gradually resume growth"."Gucci will come back. I have absolutely no doubts about this," Pinault said.He cautioned, however, that sales will pick up slowly in 2025. The group is focusing on cost control,