The French luxury group reported lower revenue at a time when some peers have signaled a potential rebound in demand.

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.

Fiscal 2024 revenue fell 12% and wholesale dropped by more than 20% as the company looks to fix its distribution strategy and potentially downsize its retail network.

Luxury group Kering’s fourth quarter sales were hit by a continued slump at its main brand Gucci, it said on Tuesday, but a slight improvement in the group’s performance in major markets China and the United States buoyed investors.