Gucci parent Kering’s shares plunge 15% as sales in Asia nosedive

News Snapshot:

Kering’s shares slumped on Wednesday and are set for their worst day on record after the French luxury goods company warned that first quarter sales at its star label Gucci would drop by around 20% due to weakness in Asia. Kering shares were down by around 15% in early session trading, wiping around $8.6 billion from its market capitalization and dragging down the stock prices of other leading luxury goods companies such as LVMH and Hermes. The warning underscores the challenge Kering faces as it seeks to reignite sales momentum at Gucci, which accounts for half of group sales and...