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.

Job insecurity is trending at high-end brands. The departure of Gucci’s creative head after only two years reflects a deeper challenge in the luxury-goods industry. Sabato De Sarno is leaving after producing only a handful of collections,