Kering saw significantly lower sales in the third quarter, with Gucci posting the largest decline due to challenging market conditions in Asia Pacific.

Kering’s sales fell 15 per cent to €3.79 billion (US$4.1 million) as Gucci plunged 26 per cent to €1.6 billion.

Yves Saint Lauren dipped 13 per cent to €670 million while Bottega Veneta grew 4 per cent to €397 million.

Revenue from the group’s other luxury brands slid 15 per cent to €686 million.

The only bright spot was its Eyewear and corporate segment where sales surged 32 per cent to €440 million.

“With discipline and determination, we are executing a far-reaching transformation of the group, and at Gucci in particular, at a time when the whole luxury sector faces unfavourable market conditions,” said Francois-Henri Pinault, Kering chairman and CEO.

“Our absolute priority is to build the conditions for a return to sound, sustainable growth, while further tightening control over our costs and the selectivity of our investments.”