Gucci's owner is having a terrible year. The company's profit and stock have slumped as Asia sales dry up.

• Kering predicts a 45% drop in its first half-year operating income because of Asia's consumer slowdown.
• Gucci, Kering's largest brand, suffered an 18% revenue decline, with a sharp drop in Asia.
• The luxury goods market in China is struggling, and Kering's been hurt worse than its peers.

Kering, the luxury retailer that owns brands including Gucci and Yves Saint Laurent, is off to a tough start this year as Asia's consumer slowdown hits hard.

In earnings on Tuesday, the company warned that recurring operating income for the first half of the year will decline up to 45%, compared to the first half of 2023.

Kering's stock dropped more than 8% on Wednesday morning.