(Reuters) - Luxury goods group Kering warned on Tuesday that its first-quarter sales are likely to drop by around 10%, weighed down by star label Gucci, knocking back hopes that it had stemmed sales declines.
Citing a "steeper sales drop" at Gucci in the Asia-Pacific region, the group said that the fashion brand's comparable quarterly revenue is projected to slide by nearly 20% year on year.
Kering in February announced plans to invest in Gucci this year, with margins likely to be dented as a result.
Early products from the label's Ancora collection, which have been in some stores since mid-February, have been well received, the company said on Tuesday.
The group reports first-quarter sales on April 23.
(Reporting by Stéphanie Hamel and Mimosa Spencer; Editing by David Goodman)
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