Kering, the French luxury conglomerate, reported a first-quarter sales decline that exceeded analysts' expectations, leading to a 5% drop in its shares during European morning trading. The flagship brand Gucci experienced a 25% sales slump on a comparable basis to €1.57 billion, below the €1.63 billion estimate by Visible Alpha, marking a 34% revenue decrease from its 2022 peak. This downturn has put pressure on Kering's leadership, including Francois Pinault, whose family fortune has fallen by more than two-thirds since the pandemic-era boom, and his son, who is tasked with turning around Gucci. Despite the challenges, Kering expressed optimism that Gucci will regain its full strength. Investor confidence remains cautious as the luxury group navigates this difficult period.