# Kering Slides, L'Oreal Gains, Volvo Car Plunges

An episode of [Stock Movers](https://invisiblenetwork.ai/podcast/1803209456), 23 Oct 2026, 3:58.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/deb345cd-6d73-4a24-a6e3-b2a50138dd86/1fe97b05-99c6-4d91-a5cc-b4ec0085b0b2/audio.mp3?utm_source=Podcast&in_playlist=a55c6f22-aa32-4a58-aebd-b2a50138e2b2

Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - Kering SA shares plunged after Gucci sales fell more than expected in the third quarter, as weakness in China set back a years-long turnaround effort. - L’Oreal gains as much as 5.8% to the highest since June 2024, after the beauty company reported adjusted like-for-like revenue for the third quarter that beat the average analyst estimate. - Volvo Car AB’s chief executive officer said the market for Western-developed cars in China is disappearing fast, prompting the Swedish automaker to increase job cuts to some 6% of its work force. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios.
[0:04] Speaker 2: Podcasts.
[0:05] Speaker 1: Radio.
[0:06] Speaker 2: News.
[0:08] Speaker 1: The Stock Movers Report. Your roundup of companies making moves
[0:12] Speaker 1: in the stock market. Harnessing the power of Bloomberg data.
[0:16] Speaker 1: Let's take a look at some of the stocks on
[0:17] Speaker 1: the move today in Europe. I'm James Holcock with Stephen Carroll.
[0:20] Speaker 2: We're joined in the studio in London by Bloomberg's reporter,
[0:22] Speaker 2: Josh Gordon-Warner. Josh, it is looking like a nasty day
[0:25] Speaker 2: of trading for some single names in Europe today.
[0:27] Speaker 1: Let's start with Kerring. Yes.
[0:30] Speaker 2: So, carrying is down about 11% today. We've seen China, again,
[0:36] Speaker 2: being the main headline hitting the luxury space. Revenue as
[0:40] Speaker 2: key Gucci brand was down about 5% on a comparable
[0:43] Speaker 2: base in the latest quarter, much worse than the 3.3%
[0:46] Speaker 2: decline expected by analysts. Again, because of that weakness in China,
[0:50] Speaker 2: but also because of slower growth in North America. The
[0:54] Speaker 2: broader group sale decline was milder, but Kering did fail
[0:57] Speaker 2: to reiterate his hopes of returning to growth this year.
[1:00] Speaker 2: And that will be pushing out recovery hopes after a
[1:03] Speaker 2: multi-year turnaround effort. Its CFO admitted that the performance is
[1:06] Speaker 2: not good enough. They also said Kering had even cut
[1:09] Speaker 2: prices on some products, which is typically considered a bit
[1:11] Speaker 2: of a taboo in the luxury space. And that might
[1:15] Speaker 2: be adding to fears as well. Shares wiped out about
[1:20] Speaker 2: € 3 billion off its valuation this morning, and the stock's
[1:23] Speaker 2: trading at its lowest level since July 2025.
[1:27] Speaker 1: Okay. So, that is caring. But we're also in the
[1:29] Speaker 1: luxury space. L'Oreal shares this morning actually slightly higher.
[1:34] Speaker 2: What's the news from them?
[1:35] Speaker 1: Yes.
[1:36] Speaker 2: The French beauty and cosmetic giant is proving to be
[1:39] Speaker 2: a bit of a pocket of strength in the luxury space.
[1:41] Speaker 2: It beat expectations in the latest quarter, and that was
[1:44] Speaker 2: largely down to buoyant demand for hair products and premium
[1:47] Speaker 2: skincare brands. Like-for-like sales were up 7.7% in the quarter,
[1:52] Speaker 2: well ahead of forecasts. Sales in North Asia, which includes China,
[1:56] Speaker 2: were also up strongly. And that suggests cosmetics are performing
[2:01] Speaker 2: a bit better at a time when demand for luxury
[2:03] Speaker 2: clothing and accessories is down. Ultimately, today's update suggests that
[2:08] Speaker 2: L'Oreal is gaining market share. It's growing at a much
[2:10] Speaker 2: faster pace in the country than the wider market. It
[2:14] Speaker 2: also topped estimates in North America and Europe. So, broad-based
[2:17] Speaker 2: strength there. It's the only major European luxury play in
[2:21] Speaker 2: the green this morning. Shares are up as much as 5.8%.
[2:25] Speaker 2: and they're trading at the highest level in over two years. Josh,
[2:28] Speaker 2: I've got Volvo Car up on my screen. I almost
[2:30] Speaker 2: can't believe what I'm reading.
[2:32] Speaker 1: It is nearly 30% down this morning. What is going on?
[2:37] Speaker 2: Yeah, the stock is in absolute freefall. It's at an
[2:40] Speaker 2: all-time low. The company reported much larger losses than expected,
[2:44] Speaker 2: partly because of U.S. tariffs, the removal of some electric
[2:48] Speaker 2: vehicle subsidies. But really, again, the attention is back on China.
[2:53] Speaker 2: Deliveries there were down over 40% in the third quarter.
[2:57] Speaker 2: That's because the country's auto market is in decline and
[3:02] Speaker 2: the local brands are dominating in several areas, including in
[3:05] Speaker 2: electric vehicles. Its CEO, Hakan Samuelsson, told Bloomberg TV this
[3:10] Speaker 2: morning that the scope to sell Western developed cars in
[3:13] Speaker 2: China is just more or less gone. because of this
[3:15] Speaker 2: pressure from local brands. And that's forcing it to lean
[3:18] Speaker 2: more on its Chinese owner Geely going forward. You know,
[3:22] Speaker 2: these tough times has prompted Volvo Car to cut another
[3:25] Speaker 2: 2,500 jobs, mostly in Sweden, that they announced this morning.
[3:28] Speaker 2: It's trying to save cash, but, you know, investors are
[3:30] Speaker 2: clearly shaken by today's update.
[3:33] Speaker 1: The Stock Movers Report from Bloomberg Radio. Check back with
[3:37] Speaker 1: us throughout the day for the latest roundup of companies
[3:40] Speaker 1: making news on Wall Street. And for the latest market-moving headlines,
[3:44] Speaker 1: listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg.com,
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[3:52] Speaker 1: Business app.

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