PPR, owner of Gucci Group drops more than 8% on the Paris stock exchange
PPR stock drops more than 8% on Wednesday on the Paris CAC 40, amid dropping sales for the entire group, especially the mass market division FNAC, La Redoute and Conforama. PPR owns worlds third largest luxury group GUCCI GROUP, which also shows disappointing results for all its brands, except GUCCI which has maintained a 1% growth in 2009.
Christian Dior has also announced a drop in sales of up to 16% for the Q1 of 2009. LVMH, parent company of Dior posts a 7% drop in sales for the entire group and denied market rumours they intended to sell Moet Chandon, its leading champagne brand.
Gucci and Louis Vuitton positive results seem to be overshadowed by their sister companies within the 2 groups.