By  on April 25, 2013

PARIS — Weakening demand in China and a sluggish Europe continue to rain on luxury’s parade, with France’s Kering the latest big player to report single-digit gains in the first quarter.

Kering, the parent of Gucci and Bottega Veneta that was previously known as PPR, on Thursday reported sales in its luxury division climbed 4.5 percent in the three months ended March 31 — a steep deceleration from the 21.2 percent gain registered in the fourth quarter.

Luxury revenues in the first quarter totaled 1.52 billion euros, or $2.01 billion, compared to 1.46 billion euros, or $1.91 billion, in the year-ago quarter. Stripping out the impact of acquisitions and currency fluctuations, the increase stood at 6.4 percent.

 

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