Kering HY revenues fall 15% as Gucci struggles continue
Kering’s eyewear and corporate divisions also had a positive half year with revenues up 3% to €1.09bn (£943m) and incomes up 25% to €126m (£109m)
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Kering has seen its revenues fall 15% on a comparable basis to €7.59bn (£6.56bn) for the half year ended 30 June 2025.
It comes as the struggles at its luxury brand Gucci continue, with revenues falling 25% to €3.03bn (£6.26bn) during the same comparable period.
The brand also saw its recurring operating income fall 52% to €486m (£420m), down from just over €1bn (£860m). Overall, Kering’s recurring operating income fell 39% to €969m (£838m) from €1.58bn (£1.37bn).
The company put Gucci’s struggles partially down to major initiatives to streamline its cost base.
Another major Kering brand, Yves Saint Laurent, also struggled with its revenues falling 10% to €1.29bn (£1.12bn) and its recurring operating income falling 17% to €262m (£226m).
Despite this, Bottega Veneta posted positive results in the period, with revenues up 2% to €846m (£732m) and operating income up 5% to €127m (£110m).
Kering’s eyewear and corporate divisions also had a positive half year with revenues up 3% to €1.09bn (£943m) and incomes up 25% to €126m (£109m).
François-Henri Pinault, chairman and CEO, said: “The first half of 2025 has been a period of momentous decisions for Kering. On the governance front, I recommended to the board of directors, which has agreed, that we entrust the role of Kering CEO to Luca de Meo, while I will retain the chairmanship.
“On the creative front, reinforced teams, headed by new designers at three of our largest houses, are hard at work, with passion and determination, intensifying the desirability and drawing on the heritage of all our brands.”
He added: “On the operational and financial fronts, in a particularly tough market environment, we continued to streamline our distribution and cost base, and, executing on our roadmap, we took decisive steps to strengthen our financial structure.
“Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering’s development.”
