Q3 2023 Kering SA Corporate Sales Call Transcript
Good evening to all of you, and welcome to Kering's revenue call for the third quarter of 2023. Once more this time around, I will be the one commenting on the group's performance. Armelle Poulou was appointed Group CFO recently, and she will take over the mic on our next call. Armelle is still in charge of Kering's treasury function and rapidly growing into her new responsibilities.
Our Q3 top line performance took in the impact of the normalization that is felt throughout the luxury segment combined with the consequences of our own elevation strategy at most of our houses, notably through reduction of wholesale.
Let's start with Slide 4. In the period, group revenue reached EUR 4.5 billion, down 13% reported and 9% comparable. Against an adverse macro backdrop, retail trends were affected by weaker in-store traffic together with a lower contribution from online. Wholesale was down sharply, reflecting our increased control over distribution as well as some cuts in orders. We remain fully dedicated to our strategy of
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