Kering revenue falls in 2025, recovery targeted for 2026

Gucci proprietor Kering posted weaker 2025 results and signalled a turnaround propulsion for 2026 aft income and profits slid crossed overmuch of its portfolio.

The French luxury radical said gross declined 13% to €14.67bn ($17.48bn) connected a reported ground and 10% connected a comparable basis.

Fourth-quarter gross fell by 9% connected a reported ground and 3% like-for-like, which the radical said indicated gradual sequential improvement.

Recurring operating income dropped 33% to €1.63bn, pushing the borderline down to 11.1% from 14.5%.

Recurring nett income from continuing operations attributable to the Group reached €532m, oregon €4.34 per share.

Free currency travel from operations totalled €4.4bn, oregon €2.3bn excluding spot transactions successful Paris, New York and Tokyo, marking a 35% year-on-year fall.

Net indebtedness stood astatine €8bn astatine the extremity of December, €2.5bn little than a twelvemonth earlier, portion nett fiscal disbursal came successful astatine €594m.

The effectual taxation complaint connected recurring income roseate to 36.1% from 28.3%.

Retail gross crossed the radical fell by 11% connected a comparable basis, and wholesale income declined by 9%, with maturation astatine Kering Eyewear offset by tighter organisation astatine its Luxury Houses.

At Gucci, gross slid 22% to €5.99bn, with retail down by 18% and wholesale disconnected 34% connected a comparable basis.

Recurring operating income was €966m, giving a 16.1% margin.

Yves Saint Laurent posted €2.64bn of revenue, down 8%, and held a 20% borderline connected €529m of operating income.

Bottega Veneta reported €1.70bn of revenue, up by 3% connected a comparable basis, and improved its borderline to 15.6%.

Jewellery labels specified arsenic Brioni, Boucheron, Pomellato, DoDo, and Qeelin recorded growth, posting a recurring operating nonaccomplishment of €112m.

Kering Eyewear and Corporate delivered €1.6bn of revenue, up 3% connected a comparable basis, with eyewear generating €252m of recurring operating nett and a 15.8% margin.

The committee plans to suggest an mean dividend of €3 per share, pursuing a €1.25 interim outgo and a planned €1.75 last dividend, taxable to shareholder approval.

An exceptional €1 per stock dividend is besides projected pursuing the disposal of Kering Beauté to L'Oréal, expected to adjacent successful the archetypal fractional of 2026.

Looking ahead, Kering said it aims to reconstruct maturation and amended margins successful 2026 and volition contiguous its next-phase translation strategy astatine a Capital Markets Day connected 16 April 2026.

Kering CEO Luca de Meo said: “The show successful 2025 does not bespeak the Group’s existent potential. In the 2nd half, we took decisive actions - strengthening the equilibrium sheet, tightening costs, and making strategical choices that laic the foundations for our adjacent chapter.