Gucci's owner is having a terrible year. The company's profit and stock have slumped as Asia sales dry up.

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• Kering predicts a 45% drop in its first half-year operating income because of Asia's consumer slowdown.
• Gucci, Kering's largest brand, suffered an 18% revenue decline, with a sharp drop in Asia.
• The luxury goods market in China is struggling, and Kering's been hurt worse than its peers.

Kering, the luxury retailer that owns brands including Gucci and Yves Saint Laurent...