Gucci Owner Hurt by the Brand’s Big Presence in China During Lockdowns

Pedestrians walk past a Gucci luxury goods store in the Lujiazui financial district in Shanghai on Dec. 21, 2020. Photo: Bloomberg

(Bloomberg) — Gucci continues to suffer from repeated Covid-19 lockdowns in China, where Kering SA’s biggest brand has a greater exposure than other luxury labels.

Sales at the Italian fashion brand rose 4% on a comparable basis during the second quarter, the fashion group said Wednesday. Analysts expected a 4.6% gain, according to a survey by Bloomberg. Strong performances in other key markets and by other labels helped the group record an uptick in interim sales and profit.