Luxury Figures
Kering Shows Signs of Recovery in the First Half of 2026, After Three Years of Crisis
By Eva Morletto29 juillet 2026
Luxury giant Kering finally seems to be seeing a glimmer of hope, after three years of decline. The group, led by the Pinault family, has published mixed half-year results. Whilst net profit fell by a further 60% to €189 million – mainly due to costs associated with the company’s reorganisation – turnover shows the beginnings of a recovery, boosting investor confidence.
Sales reached €7.22 billion in the first half of the year, down 3% on a reported basis but up 1% on a like-for-like basis. Furthermore, the second quarter finally marked a turnaround, with turnover of €3.65 billion, up 1% (+2% on a like-for-like basis), representing the first quarterly growth after several years of negative figures.
Newsletters
Cet article vous plaît ?
Inscrivez-vous à nos newsletters pour recevoir les dernières publications et analyses selon nos 4 thématiques:
Luca de Meo is seeing the first effects of his recovery plan
For Luca de Meo, who took the helm of the group in September 2025, these results represent the first test of the ‘ReconKering’ strategic plan, presented last April and due to be finalised by 2030. “We are beginning to see the first results of our actions,” the CEO told the press. He believes the group has reached “a turning point”, following several difficult financial years. The priority remains the revival of its flagship brand, Gucci, which accounts for nearly half of the parent company’s sales.
Gucci slows its decline, while other brands pick up pace
Although the Florentine brand continued to report a decline in sales in the second quarter (-2% on a like-for-like basis), the trend improved significantly following a first quarter decline of 8%. New leather goods ranges and stronger sales momentum in the United States helped to mitigate the decline. Gucci’s sales across the Atlantic rose by 9%, reflecting a resurgence of interest in the iconic Italian brand amongst the wealthiest American consumers.
The other brands also showed encouraging signs. Saint Laurent returned to growth in the second quarter, whilst Bottega Veneta continued to improve. However, the strongest performing segments remain jewellery and eyewear: Kering Jewellery recorded a 20% increase on a like-for-like basis over the half-year, driven in particular by Boucheron, whilst Kering Eyewear posted growth of 8%, totalling €476 million, driven by the resilience of the high-end eyewear market and the expansion of its brand portfolio.
North America is driving the recovery, whilst Asia remains cautious
Geographically, North America appears to be the main driver of the recovery, with growth of 10% in the second quarter. Japan also posted higher figures (+9%), whilst Western Europe (-1%) and Asia-Pacific (-1%) remain more hesitant, held back by demand from China that remains cautious.
Whilst the recovery remains fragile, these initial indicators confirm that the transformation initiated by De Meo is proving successful and is beginning to yield tangible results. For the group, the challenge now is to turn this improvement into sustainable growth.
Key Points:
- Kering posted its first quarterly sales growth in three years, with revenue up 1% in Q2 (2% on a comparable basis), signalling the first signs of a turnaround.
- Luca de Meo's turnaround strategy is beginning to deliver results: Gucci's decline is slowing, while Saint Laurent returned to growth and Bottega Veneta continued its positive momentum.
- Jewellery, eyewear and North America are driving the recovery, with Kering Jewelry up 20%, Kering Eyewear up 8%, and North American sales rising 10%, while demand in China remains subdued.
Partager l'article
Continuez votre lecture
Jewellery
With Kering Jewelry, the Group is Accelerating its Diversification Strategy
The group chaired by François-Henri Pinault has added another string to its bow. On Monday, management announced the creation of Kering Jewelry, a new entity dedicated to jewelry that brings together the houses of Boucheron, Pomellato, Dodo, and Qeelin. At its helm is Jean-Marc Duplaix, who has served as Kering’s Chief Operating Officer since September 2025.
By Eva Morletto
Fashion
Kering Appoints Former Prada CEO at the Helm of Alexander McQueen
The Kering Group has announced the appointment of Gianfranco D’Attis as CEO of McQueen. The brand is under pressure due to heavy losses.
Newsletters
Cet article vous plaît ?
Inscrivez-vous à nos newsletters pour recevoir les dernières publications et analyses selon nos 4 thématiques: