Companies

Kering posts third straight year of falling sales

Feb 11, 2026 France

Kering has reported its third consecutive year of falling sales in 2025, with Gucci’s sales falling less than expected in the last quarter. A strategy outlining a return to growth is set to be presented in April

“The performance in 2025 does not reflect the Group’s true potential”, said Luca de Meo, CEO of Kering. The France-based luxury group recorded a revenue of 14.7 billion euros in 2025, reflecting year-on-year declines of 13% and 10% on a reported and comparable basis, respectively.

Revenue from the directly operated retail network (including e-commerce) fell by 11% on a comparable basis, while wholesale revenue declined by 9%. The former reflects uneven regional and house performance, while the latter reflects efforts by the luxury houses to tighten distribution.

In the fourth quarter alone, revenue decreased by 9% as reported and by 3% on a comparable basis, as compared to the same period in 2024. Nevertheless, these figures reflect a gradual improvement over the course of the year.

Gucci in particular saw its fourth quarter revenue decrease by 10% year-on-year on a comparable basis, as the brand prepares to present new creative director Demna’s vision at Milan Fashion Week later this month. Full-year revenue totalled 6 billion euros, however, which is a 22% decrease on a reported basis and a 19% decrease on a comparable basis.

Yves Saint Laurent’s revenue improved quarter-on-quarter and remained stable in the fourth quarter. Full-year revenue amounted to 2.6 billion euros, representing an 8% decrease on a reported basis and a 6% decrease on a comparable basis. Bottega Veneta finished 2025 with stable revenue on a reported basis and up by 3% on a comparable basis (1.7 billion euros).

Kering reported a recurring operating income of 1.6 billion euros in 2025, which was a 33% decrease, as compared to 2024. Recurring net income from continuing operations amounted to 532 million euros, while net income from continuing operations fell to a loss of 29 million euros after non-recurring optimisation and restructuring charges.

According to Business of Fashion, the group is conducting a programme of store closures. The CEO is also reviewing manufacturing and logistics, group-level synergies, and the potential to recruit executives from other industries.

“On April 16, during our Capital Markets Day, we will present a clear roadmap to boost the desirability of our Luxury Houses and reignite growth, with well-defined brand strategies, a more effective organization and strong financial discipline”, added Luca de Meo, as the company eyes a return to growth in 2026.

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France Gucci Kering Luxury Quarter Results Results Year Results