The group is ramping up efforts to foster the growth of its fashion houses while prioritising actions to enhance efficiency.

The fall in revenue comes as some peers have signaled a potential rebound in demand for luxury goods.

The French conglomerate, which sacked Gucci designer Sabato de Sarno last week as part of its efforts to revive the label, said sales over the last three months of the year were 4.39 billion euros ($4.52 billion), down 12% on a comparable basis, in line with expectations according to a Visible Alpha consensus cited by UBS.