Kering Appoints Bain and BCG to Analyze Its Brands

According to the French daily La Lettre, BCG has been assigned the analysis of Yves Saint Laurent, Balenciaga, and Bottega Veneta, while Bain has been given the most sensitive portfolio: Gucci, with tasks including resizing the product offering. This operation is taking place in a complex financial context: in 2024, Kering posted sales of €17.2 billion, down 12% from the previous year. These figures, which confirmed a sustained slowdown for the group's flagship brand, probably motivated the new CEO to make crucial changes for the group's future.

The Pinault family's companies are on divergent trajectories: while Gucci remains the main driver, last year its revenue fell 23% to €7.7 billion (a year earlier, the brand still posted nearly €10 billion in sales); Yves Saint Laurent reached €2.9 billion, down 9%; Bottega Veneta, on the other hand, fared rather well with €1.7 billion, up 4%.

So far, 2025 has shown no clear signs of recovery: in the first quarter, the group posted sales of €3.9 billion, down 14% according to the results published by the group on October 23. By entrusting Bain with the reorganization of Gucci, Luca de Meo aims to simplify the collections and restore structural profitability. BCG, for its part, will have to strengthen the strategic coherence of the other houses: calibrating their offerings and rethinking their dynamics.

Kering is under double pressure from net debt of more than €10 billion and a global luxury market in decline, particularly in Asia-Pacific. The group must restore its margins without compromising its identity. Beyond the audit, a new, more analytical and selective governance structure is being put in place. Kering is thus preparing for a change in cycle, where growth will no longer be measured solely in terms of volume, but also in terms of strategic relevance.