Kering facing drop in U.S. consumption, CEO says

PARIS (Reuters) -Gucci-owner Kering (EPA:PRTP) has seen a stark decline of demand for its luxury and fashion goods in the United States, its Chief Executive Francois-Henri Pinault told French senators at a parliamentary hearing on Tuesday.

"The drop in consumption, which has been going on for several weeks now, is quite strong", Pinault said.

Kering last month reported weak first-quarter sales, dragged down by a 25% drop at Gucci.

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