Kering Still Penalized by Gucci in 2025

This decline mainly reflects the difficulties encountered by Gucci, which remains by far the most important brand in Kering's portfolio. From 2022 to 2025, sales of the Italian flagship brand fell by almost half, from more than €10 billion to around €6 billion. Last year, Gucci's sales fell by 22%.

However, the fourth quarter of 2025 shows a relative improvement, giving investors some hope. During this key period (October-December), the group's revenue reached €3.9 billion, a decline of only 3% on a comparable basis, which was less severe than analysts had feared. The Gucci brand, which accounts for nearly half of the parent company's quarterly revenue, posted sales of €1.62 billion, down 10%, compared with the 12% decline anticipated by financial observers. This slight decline reflects renewed momentum in certain markets, particularly in North America, as well as in certain product segments, such as leather goods, which are beginning to capture consumers' attention once again.

Despite this slight improvement, the group's dependence on Gucci remains obvious. The Italian brand continues to dictate Kering's overall momentum: any prolonged decline directly affects consolidated results. Other brands, such as Yves Saint Laurent and Bottega Veneta, are performing more steadily, but their share of overall revenue remains significantly lower than that of Gucci.

In a global context that remains complex for the luxury sector, the revival of the Italian brand and the diversification of the portfolio appear more than ever to be two strategic imperatives, essential for limiting the group's vulnerability to dependence on a single brand.

On the financial markets, the publication was met with a mixed reception. Investors welcomed the moderation of the decline in the last quarter, while remaining attentive to the restructuring measures and creative initiatives that the Pinault family group is expected to pursue this year, under the leadership of its CEO, Luca de Meo.