Kering, revenues at 3.6 billion in Q1 2026, -6% at current exchange rates

In the first quarter of 2026, Kering reported revenues of €3,568 million, down 6% at current exchange rates compared to the same period last year. Excluding currency and perimeter effects, sales were broadly stable, signalling a normalisation phase after the recent fluctuations in the luxury sector. "In the first quarter of 2026, Group sales stabilised, marking a significant first step on the path to recovery, as well as a further sequential improvement.In a geopolitical context that remains uncertain, this performance reflects the first tangible effects of the actions taken. The growth dynamic affected almost all our Maisons, with a particularly significant contribution from jewellery," commented the CEO of the French luxury group, Luca de Meo.

In detail at the level of distribution channels, the group showed diverging dynamics: direct retail, including e-commerce, declined by 2%, while the wholesale channel showed more resilience, with growth of 6% on a like-for-like basis, supported in particular by the good performance of the eyewear segment.

Looking at the breakdown by division, Fashion & Leather Goods ended the quarter with revenues of EUR 2,852 million, down 9% at current exchange rates and 3% on a comparable basis, although showing a sequential improvement over previous quarters. Direct retail contracted by 4%, while wholesale returned to positive territory with a 2% increase.

Weak momentum continued for Gucci's sales performance, which saw revenues of €1.347 billion for the quarter, down 14% at current exchange rates and 8% on a like-for-like basis. Direct retail declined 9%, with growth in North America of 8%, however, not enough to offset the declines seen in Asia Pacific and Western Europe. The wholesale channel, on the other hand, increased by 2%.

"Gucci remains our top priority. A far-reaching transformation is underway, based on structural interventions in terms of customer experience, distribution network and, above all, product. We have therefore rethought the structure of the offer and clarified the priorities by category, initiating the gradual arrival of new collections in boutiques over the course of the year," underlined de Meo, continuing: "The first quarter of 2026 was characterised by further progress, reflecting rapid and rigorous execution. We have laid the foundations of a Group platform aimed at supporting the growth of our Maisons and strengthening their operational efficiency, while completing significant transactions in the beauty, jewellery and real estate sectors, thereby strengthening the strength of our balance sheet".