Sales have taken a hit at Gucci.
They were down more than expected in the fourth quarter as lockdowns kept consumers from travelling and shopping.
And that spells bad news for parent firm Kering.
The French conglomerate gets the bulk of its profits from Gucci.
In the latest quarter Kering said revenue for the group was down 8.2% to just over $4.8 billion.
That was down 5%, far short of forecasts for a modest rise.
Gucci did far worse, with sales falling over 10% - more than double the drop forecast.
That's despite a rebound in demand for luxury goods in Asia, which has fueled a resurgence at arch-rival LVMH, owner of Louis Vuitton.
Kering's financial chief says the group is confident about plans to revive growth at Gucci in 2021, which is the brand's 100th anniversary.
The firm says sales trends in Asia and the U.S. look supportive so far this year, though Europe remains difficult.
Lockdowns continue to weigh on tourist numbers in many places, with travelers normally a big driver of spending on luxury goods.