The key facts
- Kering's Q3 revenue — €3.34 billion, unchanged year on year; excluding currency fluctuations and changes in the business structure — down 1%.
- Gucci sales fell 4% to €1.29 billion, worse than the 3% decline in the second quarter; Kering attributes this to a tougher comparison base.
- The fashion and leather goods division excluding Gucci posted 2% retail sales growth thanks to Saint Laurent, Bottega Veneta and Brioni.
Kering's quarterly results
French luxury group Kering, which owns among others the brands Yves Saint Laurent and Bottega Veneta, reported for the third quarter — the three months through the end of September. Revenue came to €3.34 billion ($3.75 billion) and remained stable compared with the same period last year, in line with analysts' expectations. Excluding currency fluctuations and changes in the business structure, sales declined 1%. The company links the results to a softer macroeconomic environment in the luxury market.
Gucci keeps losing ground
Sales of flagship brand Gucci fell 4% to €1.29 billion. That is worse than the 3% decline recorded in the second quarter, but Kering stresses that the reason is a tougher comparison base with last year. Gucci remains key to the group's fortunes, but since 2023 the brand has been losing its luxury appeal: whereas it once generated more than half of the group's revenue, by 2025 its share had shrunk to 40%.
Recovery strategy and the CEO's words
In April, Kering unveiled a new strategy aimed at restoring Gucci's sense of exclusivity. 'The recovery of Gucci remains our defining priority,' CEO Luca de Meo said in a statement, adding that the company is 'steadily strengthening the brand's desirability and accelerating product development.' He also called the transformation of Kering a 'multi-season task' and noted that improvements in brand desirability and key operating metrics reinforce confidence in the chosen direction.
The group's other brands
The fashion and leather goods division excluding Gucci posted 2% retail sales growth, helped by the results of Saint Laurent, Bottega Veneta and Brioni.
