Kering returns to organic growth: first-half revenue at 7.2 billion (+1%)
The group’s debt has fallen by 4.7 billion compared with 31 December 2025, but net profit has also fallen (-60%) – Gucci stores performed well (+7% in sales)
Key points
Luca de Meo, who will become CEO of the French fashion giant – second only to LVMH in the luxury fashion sector – on 1 September 2025, summed up the situation at the Kering Group in a few words when commenting on the half-yearly results. The figures for the January–June period were announced yesterday, Monday 27 July.
The CEO’s immediate reaction
“Kering reported an improvement in performance in the second quarter, with a return to revenue growth. Across the group, we are seeing the first signs of progress in terms of brand appeal, commercial momentum and operational performance. The quarter also showed a sequential acceleration, including for Gucci, driven by the actions taken in recent months,” said De Meo. “These first-half results demonstrate the positive impact of the decisive measures we have taken to strengthen our brands’ identities, streamline our organisation and increase efficiency across the group.”
We are also accelerating the roll-out of our platforms, leveraging technology to improve efficiency, strengthen customer engagement and support better execution across all our Maisons. ‘Although the market environment remains challenging, we are focusing on delivering our roadmap with discipline and consistency, laying the foundations for sustainable growth and long-term value creation.’
Growth in the second quarter
In the April–June period, Kering’s revenue stood at €3,652 million, up 1 per cent on a reported basis and 2 per cent on a like-for-like basis. The change in revenue on a reported basis includes a negative currency effect of approximately 1 percentage point. Sales from the directly managed retail network rose by 2% on a like-for-like basis, marking a sequential improvement and an increase of 4 percentage points compared with the first quarter. Revenues from the wholesale and other channels rose by 3% on a like-for-like basis. In the first half of 2026, Kering’s revenue totalled €7,220 million, down 3% on a reported basis and up 1% on a like-for-like basis. Sales at company-owned stores remained unchanged on a like-for-like basis. Wholesale revenue increased by 5% on a like-for-like basis.
The role of direct retail
This performance is particularly noteworthy as it was achieved alongside the ongoing optimisation of the store network, according to the statement released yesterday after the Paris Stock Exchange had closed. Following the 75 net closures completed in 2025, 84 net closures were completed in the first half of the year (a 5 per cent reduction in our directly managed stores as at 31 December 2025) out of a total of 100 planned for the whole of 2026. The group’s recurring operating profit stood at €921 million in the first half of 2026. The recurring operating margin reached 12.8 per cent, an improvement of 40 basis points compared with the first half of 2025.
