The news: Kering and Zegna Group fell victim to luxury’s spending slump in the previous quarter, as sluggish demand from aspirational shoppers and Chinese consumers caused sales to fall.

• Kering’s Q3 revenues fell 16% year over year (YoY) to €3.79 billion ($4.1 billion); analysts had expected an 11% YoY decline, per Reuters.
• Zegna Group reported a 7% YoY fall in organic Q3 revenues, weighed down by a 22.8% decline in organic sales in the greater China region.