KERING Q3 RESULTS ❖ Total revenue: €3.42B, down 5% on a comparable basis (vs -9.6% consensus) ❖ Gucci: €1.34B, down 14% (vs -15.3% consensus) Regional performance: ❖ Western Europe: -7% ❖ North America: +3% (YSL & Bottega Veneta positive; Gucci -3%) ❖ Japan: -16% ❖ Asia Pacific: -10% (China improving sequentially; smaller Gucci Giglio bag popular) ❖ Other highlights: Demna’s new Gucci collection boosted store traffic.(*Walter Bloomberg)