Kering's management expects margins to improve steadily over 2026, though Gucci remains under pressure in China, Equita's Paola Carboni writes. Luxury goods company Kering hosted a pre-close call for analysts Monday previewing its second-quarter results. Gucci has launched a dedicated action plan to address difficulties in the Chinese market, the analyst notes. The brand's recovery will be less smooth than previously expected, with the analyst seeing full-year retail sales slipping 3.4%, after previously expecting sales to be flat. Shares fall 5.3% in early afternoon European trade. (josephmichael.stonor@wsj.com)