Kering beats market estimates and runs on the stock market

"That is why I am quite confident, indeed very optimistic," De Meo said, recalling, however, that the luxury sector is experiencing an under-dynamic period. "In 2026 we will see growth. We will also see an improvement in margins across all brands. This is, in essence, the situation from management's point of view,' he concluded.

At the end of December 2025, the group had a total of 1,719 directly operated shops. In the geographical breakdown of sales, Western Europe was worth 30%, Asia Pacific 29%, North America 24%, Japan 8% and the rest of the world 9%.

The year-on-year decline in revenues for Gucci remained heavy: 2025 sales were €6 billion, down 22% at current rates and -19% on a comparable basis. In the fourth quarter, sales were 1.622 billion, down -16% at current rates and -10% on a comparable basis. Current operating profit was EUR 966 million, accounting for 16.1% of sales.

Saint Laurent reported sales of 2.6 billion, down 8% at current rates and 6% on a comparable basis. Sales for the fourth quarter of 2025 stood at 735 million (-5% at current rates, unchanged on a comparable basis). For the full year, current operating profit was EUR 529 million, representing 20% of sales.

Bottega Veneta's sales were stable at current rates (+3% at constant rates) at 1.7 billion for the full year, while in the fourth quarter alone they were 467 million (-3% at current rates, +3% on a comparable basis). Current operating profit 2025 was EUR 267 million, accounting for 15.6% of sales.

In 2025, the group's other brands achieved sales of 2.9 billion (-10% at current rates and -6% on a comparable basis), while in the fourth quarter alone, sales of Balenciaga were 789 million (-4 at current rates, +3% on a comparable basis). In detail, infourth quarter Balenciaga's retail sales turned positive again, driven by leather goods, while Alexander McQueen is continuing its restructuring path. Brioni maintained strong momentum. The jewellery houses recorded dynamic expansion: Boucheron achieved double-digit growth, Pomellato maintained a steady trajectory, DoDo accelerated and Qeelin continued to show a solid path. The area's recurring operating result in 2025 was negative EUR -112 million.

In 2025, Kering Eyewear sales were 1.6 billion, up +1% at current rates and +3% on a comparable basis. Kering Eyewear's recurring operating profit was 252 million, representing 15.8% of sales.

Estimates 2026

Kering enters 2026 with a clear objective: to return to growth and improve margins, reads the group's note. "In a still uncertain macroeconomic environment, the group puts operational excellence at the centre, supporting each Maison in implementing more incisive and sustainable strategies, as well as the operational support needed to accelerate the development path."

At the Capital Markets Day on 16 April 2026, the roadmap that will guide the next phase of Kering's transformation will be detailed. "The 2025 performance does not reflect the Group's true potential. In the second half of the year, we took decisive actions, strengthening the balance sheet, reducing costs and making strategic choices that lay the foundations for our near future. On 16 April, during our Capital Markets Day, we will present a clear roadmap to increase the desirability of our Luxury Houses and revive growth, with clearly defined brand strategies, a more effective organisation and sound financial discipline. Going into 2026, the entire team is fully committed to building a leaner and faster Group that improves brand positioning and sales, rebuilding margins and strengthening cash generation to ensure long-term sustainable value creation," comments De Meo, who also announced new additions to the Group in the coming weeks.

"In the coming weeks you will see announcements of new entrants, also to fill roles that do not exist today, because we have to structure the organisation differently. We must focus more on the 'upstream' part of the business: production, purchasing, logistics, product development. In these areas, it is essential to have top management figures with different experiences, capable of bringing a new perspective to the sector and to our organisation,' the manager revealed on the conference call, adding: 'I am not looking for executives at competitors, also because there are often one-year 'garden leave' periods and I don't have time to waste: I need people who are immediately operational'. In addition, he recalled that there is already 'quality and competence of people' within Kering. And so in the last cycle many promotions took place internally. 'We have people with great potential, who know what they are talking about'. In any case, the manager, who comes from the world of cars, stressed that 'one of the main opportunities is to integrate people from different paths, to complete the vision of a group that has been working in luxury for decades'.