Riots in Paris added to the woes faced by luxury brands. (Reuters pic)LONDON: Shares in Gucci owner Kering dropped 11% on Friday after the group reported further sales declines, but said it would stick with CEO Luca de Meo's turnaround plan and accelerate store closures, aiming for 125 by year-end.

The recovery long promised by luxury brands seems nowhere in sight, as the expansion of war in the Middle East along with China's tax crackdown on the wealthy piled further pressure on the world's biggest luxury conglomerates in the third quarter, and executives buckled in for a tough winter.

Riots in Paris, leaving Louis Vuitton shop windows smashed and electric-bike bonfires near luxury shopping mecca Place Vendome, threw into sharp relief the political risk faced by luxury brands not just abroad but also at home.