Kering reported first-quarter sales of around £3.1bn, down six per cent on a reported basis, as continued weakness at Gucci dragged on the luxury group’s performance.

On a comparable basis, which strips out currency movements and changes in scope, revenue was stable.

The French luxury owner of Gucci, Saint Laurent, Bottega Veneta and Balenciaga is due to set out its turnaround strategy to investors at its capital markets day in Florence on 16 April.

Chief executive Luca de Meo said the latest quarter marked “an important first step” in the group’s recovery, but stressed that Gucci remained Kering’s top priority.

Gucci generated roughly £1.17bn in sales during the quarter, down 14 per cent on a reported basis and eight per cent on a comparable basis.

Kering’s wider fashion and leather goods division posted revenue of around £2.48bn, down nine per cent as reported and three per cent on a comparable basis, although the group said Saint Laurent, Bottega Veneta, Balenciaga and Brioni all delivered year-on-year growth in the period.

Jewellery and eyewear provided a brighter note, with both businesses delivering growth in the first quarter.

Kering also said retail revenue in the Middle East fell 11 per cent during the period, though its full retail network in the region is now operating again after temporary disruption.

The group reiterated its ambition to return to growth in 2026. Last year, annual sales fell 13 per cent to about £12.8bn, while net profit dropped to roughly £462m.

Click here to sign up to Retail Gazette‘s free daily email newsletter