Companies

Kering reports mixed third-quarter results as Gucci continues to underperform

Oct 23, 2026 France

The France-based luxury group reported a broadly stable revenue in the third quarter. However, Gucci continued to struggle, with comparable sales falling by 6% year-on-year amid weaker store traffic and tougher comparisons

In the third quarter of the 2026 financial year, Kering recorded a revenue of 3.35 billion euros. This figure remained stable when reported, as a positive currency effect offset a 1% decline on a comparable basis compared to the same period the previous year.

According to the statement, “third-quarter revenue reflected the anticipated second-half phasing and a more difficult comparison base, compounded by softer macroeconomic trend”. Lower store traffic remained the main challenge, while conversion rates and average spending held up, supported by stronger product execution and client engagement.

In terms of channels, retail sales (including e-commerce) fell by 3% on a comparable basis compared to the same quarter in 2025, with performance varying across regions and brands. Meanwhile, wholesale and other revenues increased by 3%.

In the nine months up to September, the group generated a revenue of 10.5 billion euros, which was down by 2% on a reported basis and stable on a comparable year-on-year basis, while advancing the optimisation of its store network.

After closing 75 stores in 2023, Kering closed a further 105 stores in this nine-month period, exceeding its annual target of 100 ahead of schedule. The group now aims to close at least 125 stores by the end of the year.

Kering Fashion & Leather Goods Segment

In the third quarter of the year, the Kering Fashion & Leather Goods segment reported a revenue of 2.7 billion euros, representing a 1% decrease on a reported basis and a 3% decrease on a comparable basis.

Excluding Gucci, retail sales increased by 2% compared to the third quarter of 2025, driven by continued growth at Saint Laurent, Bottega Veneta and Brioni. The segment’s wholesale and other revenues increased by 4% on a comparable basis.

Gucci continues to struggle within this segment. Its third-quarter revenue fell by 6% year-on-year on a comparable basis, amounting to 1.3 billion euros. This reflects tougher year-on-year comparisons and a less pronounced impact from new collections than in the previous quarter.

Gucci’s retail sales declined by 9% on a comparable basis, with North America proving to be the most resilient market. Lower footfall impacted sales in the Asia-Pacific region, particularly in mainland China and Japan. In contrast, wholesale and other revenues increased by 35%. Wholesale sales alone increased by 45% to 120 million euros, supported by a low base of comparison and the launch of new collections.

“The recovery of Gucci remains our defining priority. We are steadily strengthening desirability and advancing our product development at pace”, emphasised Kering’s Chief Executive Officer, Luca de Meo.

Image Credits: lofficielusa.com

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