Kering's CEO, François-Henri Pinault, firmly stated that the company has no intentions of moving production from Europe to mitigate the impact of tariffs imposed by President Trump. He underscored that most production remains in Italy and France, which is integral to the brand's heritage. Kering reported a significant 12% decline in annual sales for 2024, primarily due to a 21% drop in sales from its flagship brand, Gucci. The CEO hinted at potential adjustments in pricing strategy to address tariff challenges as they continue to operate in various markets with different import duties.
Kering has "no plan" to shift production to the US in response to tariffs, emphasizing the importance of its European heritage in its luxury brands.
CEO François-Henri Pinault stated, "It makes no sense" to relocate production as it undermines the cultural promise integral to their products.
Kering reported a 12% annual sales decline in 2024, with Gucci leading a significant drop of 21%, reflecting a challenging market environment.
Pinault indicated that while they operate in markets with import duties, they might need to adjust their pricing strategy due to tariffs.
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