Shares in Kering dropped as much as 12% in early trading on Friday after the Gucci owner reported third-quarter results that showed its flagship brand still going backwards. The fall left the stock at the bottom of the pan-European Stoxx 600 and took its losses over twelve months to 43%.

Group revenue for the three months to 30 September came in at €3.35 billion, unchanged at reported exchange rates and down 1% on a comparable basis. Gucci, which is the group’s biggest brand and its main profit driver, fell 6%.

That follows a more encouraging second quarter, when Kering posted organic growth for the first time in three years and Gucci’s decline was smaller than analysts had feared. The latest figures suggest that improvement has not held.

Bernstein’s Luca Solca said Gucci’s heavy reliance on new product to bring customers into stores points to weak underlying interest in its core range. He added that reviving momentum at the brand is especially hard when shoppers are dealing with high living costs.

Kering also owns Saint Laurent, Bottega Veneta and Balenciaga, and it has struggled more than most of its peers during the sector’s downturn. The sell-off did not stay confined to Paris. LVMH slipped about 1.5% in morning trade, Richemont fell 2.4% and Hermès lost 1.2%, a day after Hermès had dropped nearly 5% on its own results. In London, Burberry also fell as the week’s earnings from the big European names landed worse than hoped.

The wider market was under pressure too, with the Dow falling more than 600 points as oil prices climbed. But the Kering move was driven by its own numbers, and it hands the new year’s turnaround plan a harder starting point.