Gucci owner Kering , reported on Tuesday a 15% drop in quarterly revenues, falling short of market expectations, with its finance chief flagging further price hikes in the United States to counter tariffs.

Gucci sales plunged as shoppers turned away from Kering’s largest brand that’s undergoing a second design revamp in three years.

Kering, the owner of Gucci, on Tuesday reported lower second-quarter financial returns than what was expected, pointing to "uncertain" global factors.