One of Kering SA’s longest-standing bulls has thrown in the towel, dealing another blow to the Gucci-owner just days ahead of a sales update.

Citibank Inc. downgraded the stock to neutral, removing a buy rating it has held for more than a decade, according to data compiled by Bloomberg.

The downgrade leaves Kering with just three buy-equivalent ratings, the least since at least 2003 when the company was known as Pinault-Printemps-Redoute SA. The firm, which recently named a new chief executive officer of Gucci, is in the process of revamping its flagship label at a time when shoppers in China are reining in spending.

While noting Kering’s successful track record in turning around key brands, Citi analyst Thomas Chauvet said patience is needed.

“Execution of luxury brand turnarounds has become more complex, lengthy, costly, and less public-market-friendly,” he wrote in a note.

Kering shares fell as much as 1.8% on Monday and are headed for their worst year since the Global Financial Crisis, down around 40% to date.

While investors are hoping that China’s stimulus measures will bolster the broader luxury-goods sector, last week’s disappointing results from bellwether LVMH signaled that there hasn’t been any improvement yet.

Kering is due to report third-quarter results after European markets close on Wednesday.