{"text":[[{"start":6.928,"text":"Kering increased its sales for the first time since the middle of 2023 as new chief executive Luca de Meo attempts a turnaround at the luxury group that owns Gucci."}],[{"start":18.04,"text":"The French luxury company said like-for-like sales rose 2 per cent to €3.65bn in the second quarter compared with the same period last year thanks to strong demand for jewellery and eyewear and as the decline in sales at crucial brand Gucci slowed."}],[{"start":33.969,"text":"“The return to growth is an important milestone but we are still at the beginning of the journey and we remain realistic about the challenges ahead,” said de Meo, who joined from carmaker Renault last year."}],[{"start":45.91,"text":"Sales at Gucci, the Italian fashion house that accounts for roughly half of group sales and two-thirds of operating profits, fell 2 per cent in the three months to June, after dropping 8 per cent in the first quarter of 2026."}],[{"start":58.64,"text":"The Gucci brand “is resonating particularly well with American consumers”, said chief financial officer Armelle Poulou."}],[{"start":65.608,"text":"Despite the improvement, the tepid growth reported by the group highlights the long road facing de Meo as he leads a restructuring after three years of falling sales and profit warnings."}],[{"start":76.774,"text":"In April he outlined plans to rebuild Kering’s profitability by reducing inventory, stripping out costs and closing stores. De Meo is also seeking to bolster some of the company’s smaller brands and reduce its reliance on Gucci."}],[{"start":91.022,"text":"Operating income for the first half of the year was little changed at €921mn, though operating margins rose slightly to 12.8 per cent."}],[{"start":100.64,"text":"Kering’s shares have more than halved over the past three years, giving the Paris-listed group a market capitalisation of about €31bn as it has lagged behind competitors LVMH and Hermès."}],[{"start":112.691,"text":"Questions still remain about whether Gucci’s creative director Demna Gvasalia will be able to revive the brand."}],[{"start":119.92,"text":"Jewellery sales at Kering brands including Boucheron rose 18 per cent in the quarter, mirroring trends at Richemont’s Cartier and LVMH’s Tiffany, which both had strong quarters."}],[{"start":131.04,"text":"De Meo has moved quickly to cut Kering’s debt. The luxury group struck a deal to sell its beauty division to sector leader L’Oréal for €4bn at the start of the year. Net debt totalled €3.3bn in the first half of 2026, down from €8bn at the end of December 2025."}],[{"start":154.23,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785286792_4110.mp3"}