Third-quarter sales of Gucci handbags managed to resist the drag from an economic slowdown in China, though analysts suspect that the outlook for luxury brands remains precarious, Reuters reports.
Kering, the parent company of Gucci, said that the June-September period was the best quarter so far this year for the group’s headline brands in terms of sales growth.
Sales were up 35.1% up from the same time last year, beating forecasts and outstripping figures posted by industry rivals such as luxury conglomerate LVMH.
“We didn’t see any kind of massive deceleration,” said Jean-Marc Duplaix, Kering’s financial director. However, Duplaix warned that the company is bracing for a slowdown in growth to 25% year-on-year for the end of the year.