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Seeking to Reduce Gucci Dependence, Kering Created a Debt Problem

A string of acquisitions piled up debts just as the industry entered a prolonged slump. Now, those debts are getting harder to manage.
Gucci storefront on Rue Montaigne in Paris.
Since the pandemic, Pinault has struggled to choose between bold fashion creations and more classical looks as the best way to revamp Gucci, Reuters reported. (Getty Images)

In trying to reduce Kering’s over-reliance on struggling flagship label Gucci, French billionaire Francois-Henri Pinault has created another problem, as a string of acquisitions piled up debts just as the industry entered a prolonged slump.

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