Kering Shows Signs of Recovery in the First Half of 2026, After Three Years of Crisis

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.

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.

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.

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.