PARIS — Kering ’s new chief executive officer Luca de Meo pledged to double down on his turnaround plan after the ailing French luxury group reported a 10 percent drop in revenues in the third quarter.

Still, a better-than-expected performance at the company’s star brand Gucci provided a glimmer of hope.

Organic sales at the maker of Jackie handbags and Horsebit loafers fell 14 percent in the three months to Sept. 30, beating a company-compiled consensus forecast for a 16 percent decline. This compared with a 25 percent drop for Gucci in the second quarter.

Group revenues totaled 3.42 billion euros, representing a 5 percent decline in comparable terms. This came on the heels of a 15 percent drop in organic sales in the prior quarter, and was markedly better than the 3.31 billio

See Full Page