Gucci sales, which make up nearly half of total group revenues, plunged 25% over the quarter to 1.46 billion euros.

Kering, the owner of Gucci, on Tuesday reported lower second-quarter financial returns than what was expected, pointing to "uncertain" global factors.

Gucci accounts for about half of Kering’s sales and two-thirds of operating profits. A turnaround at the brand has stalled and performance across the rest of the group has also deteriorated amid a global slowdown in luxury demand. Sales at Yves Saint Laurent, the second-largest brand, were also down by 10 per cent in the quarter.