International luxury group Kering has seen sales plunge by 43.7% in the second quarter as a result of COVID-19. In spite of a promising recovery in Asia, the group is still refraining from providing a forecast for the second half of 2020.

Kering has stated to the press that the group will continue to suffer for some time yet as a result of the lack of global tourism. Sales of its top brand Gucci dropped 45% from April to June on a like-for-like basis, and Yves Saint Laurent suffered an even bigger fall of 48%, while Bottega Veneta was able to contain the drop in sales to only 24.4%.