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Kering warned that recurring operating income will drop between 40% and 45% in the first six months of this year.
Miu Miu has orchestrated a web of celebrities in Asia, which includes Wonyoung, Minnie and Momo, who are influential across different regions.
Luxury conglomerate Kering reported a 10% decline in first-quarter sales as Gucci, its flagship brand, grapples with China woes and brand redirection.
In a research note, Bernstein analyst Luca Solca has maintained his recommendation on the stock with a Neutral rating. The target price remains unchanged at EUR 414.
Watch brands and their publicly listed parents have had a tough start to 2024 due to the strong Swiss franc and tepid demand in China and elsewhere.