Kering adapts the presentation of its businesses, to align with its strategic model and organization
| PRESS RELEASE |
| March 16, 2026 |
KERING ADAPTS THE PRESENTATION OF ITS BUSINESSES,
TO ALIGN WITH ITS STRATEGIC MODEL AND ORGANIZATION
As part of the evolution of its strategy and organization, which will be presented in detail on April 16, 2026, during its Capital Markets Day, Kering announces a new segmentation of its businesses. This new presentation enhances the clarity of Kering strategic model, highlights the momentum of each of its businesses, and more accurately reflects the Group’s organizational structure.
Starting from the first quarter of 2026, Kering will report on its performance indicators according to the following operating segments:
- Fashion & Leather Goods, including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen and Brioni
- of which Gucci separately
- Kering Jewelry, including Boucheron, Pomellato, Dodo and Qeelin
- Kering Eyewear
- Corporate & Other, including Group services and Ginori 1735
Within the Fashion & Leather Goods business, Kering will continue to report Gucci’s performance indicators separately, given its significant weight within the Group.
For each of its businesses, Kering will disclose the revenue breakdown and the performance by distribution channel. In addition, Kering will report, by region, the total revenue breakdown and the retail performance of the Fashion and Leather Goods segment (of which Gucci), and the Kering Jewelry segment.
Below are the restated 2025 financial figures according to the new segmentation. All financial information contained in the tables below is presented excluding Kering Beauté.
Restated 2025 quarterly revenue according to the new operating segments
| (in millions of euros) | Q1'25 | Q2'25 | Q3'25 | Q4'25 | 2025 | |
| Fashion & Leather Goods | 3,129 | 2,986 | 2,774 | 3,320 | 12,209 | |
| of which Gucci | 1,571 | 1,456 | 1,343 | 1,622 | 5,992 | |
| Kering Jewelry | 236 | 219 | 214 | 266 | 935 | |
| Kering Eyewear | 476 | 445 | 352 | 319 | 1,592 | |
| Corporate & Other | 33 | 38 | 28 | 37 | 136 | |
| Eliminations | (61) | (62) | (37) | (37) | (197) | |
| KERING | 3,813 | 3,626 | 3,331 | 3,905 | 14,675 |
2025 restated revenue change according to the new operating segments
| Restated reported change | Restated comparable change (1) | ||||||||||||
| (in percentage) | Q1'25 | Q2'25 | Q3'25 | Q4'25 | 2025 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | 2025 | |||
| Fashion & Leather Goods | -17% | -21% | -13% | -11% | -15% | -18% | -19% | -8% | -5% | -13% | |||
| of which Gucci | -24% | -27% | -18% | -16% | -22% | -25% | -25% | -14% | -10% | -19% | |||
| Kering Jewelry | +3% | -5% | +10% | +10% | +4% | +3% | -4% | +15% | +17% | +8% | |||
| Kering Eyewear | +3% | -1% | +2% | -2% | +1% | +2% | +1% | +7% | +3% | +3% | |||
| Corporate & Other | -7% | -12% | -21% | -27% | -18% | +10% | +18% | +16% | -8% | +8% | |||
| Eliminations | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |||
| KERING | -14% | -18% | -10% | -9% | -13% | -15% | -16% | -6% | -3% | -10% | |||
(1) Change on a comparable scope and exchange rate basis
2025 restated recurring operating income and recurring operating margin by operating segment
| S1 2025 | S2 2025 | 2025 | |||||||||||
| (in millions of euros and percentage) | Sales (€m) | Recurring operating income (€m) | Margin (%) | Sales (€m) | Recurring operating income (€m) | Margin (%) | Sales (€m) | Recurring operating income (€m) | Margin (%) | ||||
| Fashion & Leather Goods | 6,115 | 832 | 13.6% | 6,094 | 792 | 13.0% | 12,209 | 1,624 | 13.3% | ||||
| of which Gucci | 3,027 | 486 | 16.0% | 2,965 | 480 | 16.2% | 5,992 | 966 | 16.1% | ||||
| Kering Jewelry | 455 | 16 | 3.5% | 480 | 15 | 3.3% | 935 | 31 | 3.4% | ||||
| Kering Eyewear | 921 | 186 | 20.1% | 671 | 66 | 9.9% | 1,592 | 252 | 15.8% | ||||
| Corporate & Other | 71 | (111) | n.a. | 65 | (163) | n.a. | 136 | (274) | n.a. | ||||
| Eliminations | (123) | (3) | n.a. | (74) | 1 | n.a. | (197) | (2) | n.a. | ||||
| KERING | 7,439 | 920 | 12.4% | 7,236 | 711 | 9.8% | 14,675 | 1,631 | 11.1% | ||||
Restated comparable change (1) and revenue breakdown by distribution channel
| (in percentage) | Q1'25 | Q2'25 | Q3'25 | Q4'25 | 2025 | ||
| KERING Group | Retail | -16% | -16% | -7% | -4% | -11% | |
| in % of sales (2) | 74% | 75% | 76% | 81% | 76% | ||
| Wholesale | -11% | -15% | -3% | -3% | -9% | ||
| Royalties & Other | +11% | +7% | +1% | +6% | +6% | ||
| Total | -15% | -16% | -6% | -3% | -10% | ||
| Fashion & Leather Goods | Retail | -17% | -17% | -8% | -5% | -12% | |
| in % of sales | 86% | 87% | 86% | 90% | 87% | ||
| Wholesale | -27% | -32% | -14% | -12% | -23% | ||
| Royalties & Other | +10% | +3% | -1% | +6% | +5% | ||
| Total | -18% | -19% | -8% | -5% | -13% | ||
| of which Gucci | Retail | -25% | -23% | -13% | -10% | -18% | |
| in % of sales | 91% | 91% | 92% | 93% | 92% | ||
| Wholesale | -33% | -50% | -25% | -14% | -34% | ||
| Royalties & Other | +2% | -1% | -6% | -2% | -2% | ||
| Total | -25% | -25% | -14% | -10% | -19% | ||
| Kering Jewelry | Retail | +3% | +0% | +17% | +21% | +10% | |
| in % of sales | 68% | 69% | 72% | 73% | 71% | ||
| Wholesale | +4% | -11% | +13% | +5% | +2% | ||
| Royalties & Other | -3% | -16% | -16% | +18% | -5% | ||
| Total | +3% | -4% | +15% | +17% | +8% | ||
| Kering Eyewear | Wholesale | +2% | +1% | +7% | +3% | +3% |
(1) Change on a comparable scope and exchange rate basis
(2) Percentage of sales before eliminations
Restated comparable retail revenue change (1) and restated total revenue breakdown by region
| Restated comparable retail revenue change | Breakdown of total revenue | |||||||||||||
| (in percentage) | Q1 | Q2 | Q3 | Q4 | 2025 | Q1 | Q2 | Q3 | Q4 | 2025 | ||||
| KERING | Western Europe | -13% | -17% | -7% | -7% | -11% | 28% | 31% | 33% | 29% | 30% | |||
| North America | -13% | -10% | +3% | +2% | -5% | 22% | 24% | 24% | 26% | 24% | ||||
| Japan | -11% | -29% | -16% | -7% | -16% | 8% | 8% | 8% | 8% | 8% | ||||
| Asia Pacific | -25% | -19% | -11% | -6% | -16% | 32% | 28% | 27% | 28% | 29% | ||||
| Rest of the World | +1% | -5% | +2% | +3% | +0% | 10% | 9% | 8% | 9% | 9% | ||||
| Total | -16% | -16% | -7% | -4% | -11% | 100% | 100% | 100% | 100% | 100% | ||||
| Fashion & Leather Goods | Western Europe | -13% | -17% | -8% | -8% | -12% | 26% | 29% | 33% | 27% | 29% | |||
| North America | -13% | -10% | +2% | +2% | -5% | 22% | 25% | 24% | 28% | 25% | ||||
| Japan | -14% | -31% | -19% | -13% | -20% | 9% | 8% | 8% | 7% | 8% | ||||
| Asia Pacific | -26% | -21% | -13% | -8% | -18% | 33% | 29% | 27% | 28% | 29% | ||||
| Rest of the World | +0% | -5% | +1% | +3% | -0% | 10% | 9% | 8% | 10% | 9% | ||||
| Total | -17% | -17% | -8% | -5% | -12% | 100% | 100% | 100% | 100% | 100% | ||||
| of which Gucci | Western Europe | -22% | -23% | -13% | -14% | -18% | 24% | 28% | 33% | 23% | 26% | |||
| North America | -21% | -16% | -3% | -0% | -10% | 23% | 26% | 26% | 31% | 27% | ||||
| Japan | -19% | -36% | -24% | -20% | -25% | 9% | 8% | 8% | 7% | 8% | ||||
| Asia Pacific | -32% | -27% | -19% | -15% | -25% | 35% | 29% | 26% | 29% | 30% | ||||
| Rest of the World | -10% | -11% | -5% | -6% | -8% | 9% | 9% | 7% | 10% | 9% | ||||
| Total | -25% | -23% | -13% | -10% | -18% | 100% | 100% | 100% | 100% | 100% | ||||
| Kering Jewelry | Western Europe | -7% | -1% | +4% | +9% | +2% | 25% | 31% | 28% | 30% | 28% | |||
| North America | +92% | +51% | +68% | +7% | +45% | 4% | 4% | 5% | 5% | 4% | ||||
| Japan | +10% | -13% | +11% | +34% | +10% | 20% | 17% | 20% | 20% | 20% | ||||
| Asia Pacific | -1% | +7% | +25% | +21% | +12% | 42% | 41% | 41% | 39% | 41% | ||||
| Rest of the World | +116% | -8% | +15% | +94% | +57% | 9% | 7% | 6% | 6% | 7% | ||||
| Total | +3% | +0% | +17% | +21% | +10% | 100% | 100% | 100% | 100% | 100% | ||||
(1) Change on a comparable scope and exchange rate basis
About Kering
Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across couture and ready-to-wear, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering Houses design and craft exceptional products and experiences that reflect the Group’s commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2025, Kering employed 44,000 people and generated revenue of €14.7 billion.
Contacts
| Press | ||
| Emilie Gargatte | +33 (0)1 45 64 61 20 | |
| Caroline Bruel | +33 (0)1 45 64 62 53 | |
| Analysts/investors | ||
| Philippine de Schonen | +33 (0)6 13 45 68 39 | |
| Victoria Gerard | +33 (0)6 79 39 85 16 | |
Attachment
