Kering revenue dips as Gucci struggles

Kering has reported third-quarter revenue of €3,345 million ($3.9 billion), stable as reported but down 1% on a comparable basis.

Gucci remained the main drag, with revenue down 6% on a comparable basis to €1,291 million ($1.5 billion). Lower footfall, particularly in Mainland China and Japan, weighed on the house.

Kering Fashion & Leather Goods revenue fell 3% on a comparable basis to €2,743 million ($3.2 billion). Excluding Gucci, retail sales rose 2%, supported by growth at Saint Laurent, Bottega Veneta and Brioni.

Kering Jewelry grew 11% on a comparable basis to €239 million ($280 million), while Kering Eyewear rose 4% to €373 million ($436 million).

The group completed 105 net store closures in the first nine months and now expects at least 125 net closures in 2026. It also confirmed it aims to improve its recurring operating margin this year.

Luca de Meo, chief executive officer of Kering, said: “The recovery of Gucci remains our defining priority.

“Unlocking the Group's full potential requires restoring momentum at Gucci, accelerating on product excellence, delivering our action plan in China, realising the full benefits of our Group platform and embedding a culture of execution across the organisation.”