Kering
KER.PA · Euronext Paris. Prices to 23 Oct 2026. Updated 25 Oct 2026.
Owner of Gucci, Saint Laurent and Bottega Veneta. The story is the Gucci turnaround under a new CEO.
Company health
Weakening
- Sales. Comparable growth, Q3 2026: −1%weakening
- Shares. −40.8% YTD vs STOXX Europe 600 +7.3%: −48.1 ptsweakening
Same method as the Luxury Health Check: growth above 3% scores +1, below 0% scores −1; shares more than 5 points ahead of the STOXX Europe 600 year to date score +1, more than 5 points behind score −1. Total −2. Watch exports are a sector signal, so they are left out here.
Key numbers
| Quarter | Revenue | Growth | Released |
|---|---|---|---|
| Q4 2025 | not stated in the release | −3% | 10 Feb 2026 |
| Q1 2026 | €3,568m | 0% | 14 Apr 2026 |
| Q2 2026 | €3,652m | +2% | 28 Jul 2026 |
| Q3 2026 | €3,345m | −1% | 22 Oct 2026 |
Growth is comparable, as the company reports it. Download CSV
| Margin and valuation | Value | Source |
|---|---|---|
| Recurring operating margin, H1 2026 | 12.8% | source |
| Recurring operating margin, FY 2025 | 11.1% | source |
| Valuation (P/E, yield) | not yet verified |
Reporting lines
Revenue by segment and house, € million (comparable growth)
| Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|
| Kering Fashion & Leather Goods | n/a | 2,852 (−3%) | 2,948 (0%) | 2,743 (−3%) |
| of which Gucci | n/a (−10%) | 1,347 (−8%) | 1,410 (−2%) | 1,291 (−6%) |
| Kering Jewelry | n/a | 269 (+22%) | 252 (+18%) | 239 (+11%) |
| Kering Eyewear | 319 (+3%) | 489 (+7%) | 476 (+8%) | 373 (+4%) |
Kering changed its segments in 2026 (Kering Beauté sold to L'Oréal on 31 Mar 2026), so Q4 2025 is only partly comparable. n/a means the release does not state the figure. Source. Download CSV
What management said
Q3 2026 Tone: cautious
Released 22 Oct 2026. Tone vs prior quarter: Back to decline after Q2 growth; Gucci slipped again. Release.
- Gucci €1,291m, down 6% comparable; own stores down 9%. source
- Kering Jewelry +11% and Kering Eyewear +4% comparable. source
- Target to improve the recurring operating margin in 2026 confirmed. source
“The recovery of Gucci remains our defining priority.”
Luca de Meo, CEO, source
“While short-term revenue trends reflect a more challenging macroeconomic environment, Kering confirm its objective of improving its recurring operating margin in 2026”
Outlook, source
Call: No public call recording or transcript reviewed for this version. Not available here.
Q2 2026 Tone: more confident
Released 28 Jul 2026. Tone vs prior quarter: Revenue returned to growth. Release.
- Group up 2% comparable, the first growth in a while. source
- Gucci €1,410m, down 2% comparable, a 7 point improvement in own stores vs Q1. source
- H1 recurring operating margin 12.8%. source
“Kering delivered improved performance in the second quarter, with revenue returning to growth.”
Luca de Meo, CEO, source
Call: No public call recording or transcript reviewed for this version. Not available here.
Q1 2026 Tone: steady
Released 14 Apr 2026. Tone vs prior quarter: Revenue stabilized after a 3% fall in Q4. Release.
- Revenue stable on a comparable basis. source
- Gucci €1,347m, down 8% comparable. source
- Kering Jewelry +22% comparable. source
“Gucci remains our top priority.”
Luca de Meo, CEO, source
Call: No public call recording or transcript reviewed for this version. Not available here.
Q4 2025 Tone: cautious, forward looking
Released 10 Feb 2026. Tone vs prior quarter: Weak year, with a promise to return to growth in 2026. Release.
- Q4 down 3% comparable, 9% reported. source
- 2025 recurring operating margin 11.1%, from 14.5%. source
- Gucci Q4 down 10% comparable. source
“The performance in 2025 does not reflect the Group’s true potential.”
Luca de Meo, CEO, source
“Kering enters 2026 with a clear objective: to return to growth and improve margins this year.”
Outlook, source
Call: No public call recording or transcript reviewed for this version. Not available here.
Annual report. FY 2025 results (10 Feb 2026). Full year release used as the annual summary. The Universal Registration Document has not been reviewed.
Not yet verified: Revenue by region: only described in words in the releases, no table captured. Q4 2025 group revenue in euros: not stated in the release text. Valuation: not yet verified.
Sources
- Q3 2026 release
- Q2 2026 release
- Q1 2026 release
- Q4 2025 release
- Share prices: Yahoo Finance daily closes
See also: alternative luxury indicators and the data hub.
Last updated 25 Oct 2026. Quotes are copied verbatim from the linked releases.