The president of the Florentine fashion house Gucci has shrugged off analyst worries about the health of the group’s core Gucci brand.

Speaking at the announcement of Gucci group’s third quarter results earlier today, president Dominco de Sole said he did not believe the 5.1% decline seen in Gucci brand sales during the quarter signalled a problem with the brand itself. Rather, he saw it as a symptom of the wider economic slowdown seen in luxury and travel sales and the looming threat of war with Iraq.

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