Kering, revenues down 10% to 3.4 billion in Q3

In the third quarter of 2025, Gucci reported revenues of €1.3 billion, down 18% on a reported basis and 14% on a comparable basis compared to the same period in 2024, compared to a -15% drop on an organic basis expected by the market.

Sales through the direct retail network declined by 13% on a comparable basis, but showed a clear sequential improvement compared to Q2. The recovery was driven by increased dynamism in North America and Western Europe, as well as the good performance of new collections, particularly in the leather goods category. Wholesale sales showed a more pronounced decline, down 25% on a comparable basis.

Yves Saint Laurent saw revenues decline 7% on a reported basis and 4% on a comparable basis to EUR 620 million, with positive signs in key segments. Retail sales declined a modest 2%, confirming a significant sequential improvement. Growth returned in North America, while in Western Europe the decline was marginal. Wholesale sales declined 16% on a comparable basis, in line with the house's strategy to rationalise the channel.

Bottega Veneta reported revenues of €393 million, down 1% on a reported basis, but up 3% on a comparable basis. "Sales growth through the direct retail network was solid, up 5% on a comparable basis, driven in particular by double-digit growth in North America. The Ready-to-Wear and Footwear segments showed the most dynamic performance, while the launch of the Campana bag achieved promising results," the note said. Wholesale sales, on the other hand, were down 9% on a comparable basis.

The group's other fashion houses generated revenues of EUR 652 million, down 5% on a reported basis, but up slightly by 1% on a comparable basis. Retail sales remained stable on a comparable basis, while the wholesale channel recorded a 5% increase.

Balenciaga showed a generalised improvement in all product categories, with a particularly solid performance in North America.

For Alexander McQueen, the revenue contraction eased, supported by the good performance of the women's ready-to-wear collection.

Brioni confirmed its growth trajectory, thanks to a marked increase in retail sales in Western Europe, North America and Japan.

The jewellery houses showed a very positive momentum, with double-digit growth: Boucheron accelerated in the US and Asia-Pacific; Pomellato recorded encouraging results in the Haute Jewellery line; Qeelin continued its strong expansion in Asia-Pacific.

The Kering Eyewear & Corporate segment generated revenue of €448m in Q3 2025, up 2% on a reported basis and 6% on a comparable basis, versus +2.3% estimated by the market.

In detail, Kering Eyewear saw revenues increase by 7% on a comparable basis, with solid growth in all major geographic regions and across the entire brand portfolio. The performance of Maui Jim and Lindberg in particular stood out, the note said. In September, the partnership with Valentino was announced, which will start with the spring-summer 2026 collection, marking a new phase of development for the group's eyewear segment.

For its part, Kering Beauté reported a 3% increase in revenue on a comparable basis. Among the highlights of the quarter: the launch of Balenciaga's first perfume collection; the new fragrance Oud Zarian by the Creed maison.