Companies

Kering returns to growth

Jul 30, 2026 France

The French luxury group saw a return to revenue growth in the second quarter, with Gucci and other luxury brands making sequential improvements. This suggests that Kering’s turnaround efforts are gaining traction

“Kering delivered improved performance in the second quarter, with revenue returning to growth. Across the Group, we are seeing early signs of progress in brand desirability, commercial momentum and operating performance. The quarter also showed sequential acceleration, including at Gucci, driven by the actions taken over recent months”, commented Luca de Meo, CEO of Kering.

First-Half Highlights

In the first half of 2026, Kering recorded a revenue of 7.22 billion euros, reflecting a 3% decrease on a reported basis and a 1% increase on a comparable basis compared to the same period the previous year.

In the second quarter alone, revenue increased by 1% on a reported basis and by 2% on a comparable basis, reaching 3.65 billion euros (including a negative currency effect of around 1%).

Between January and June, comparable sales in the directly operated retail network remained unchanged, while wholesale and other revenues increased by 5% on a comparable basis, despite the company’s ongoing store network optimisation.

Following 75 net store closures in 2025, Kering went on to close a further 84 stores in the first half of 2026, bringing it close to its full-year target of 100 net closures.

The group recorded a recurring operating income of 921 million euros in the first half of 2026, with the recurring operating margin improving by 40 basis points year-on-year to reach 12.8%.

Kering’s net income attributable to the group was 189 million euros, while net income from continuing operations, excluding non-recurring items, totalled 355 million euros.

Kering Fashion & Leather Goods

Revenue generated by the Fashion & Leather Goods segment totalled 5.8 billion euros in the first half of the year, representing a 5% decrease on a reported basis and a 1% decrease on a comparable basis compared to the same period of 2025.

Second-quarter revenue alone reached 2.95 billion euros, reflecting a 1% decrease on a reported basis and remaining unchanged on a comparable basis. This represents an improvement of three percentage points from the first quarter, with sequential improvements at Gucci, Saint Laurent, Bottega Veneta, and Brioni.

In fact, Gucci’s second-quarter revenue totalled 1.41 billion euros, down year-on-year by 3% as reported and by 2% on a comparable basis. This marks a further sequential improvement from the first quarter.

Performance improved across all regions during the quarter. North America remained the main growth driver, while Western Europe and the Asia-Pacific region showed early signs of recovery. Mainland China remained challenging, although trends improved.

In the first half of the year, Gucci generated a revenue of 2.76 billion euros, down by 9% as reported and by 5% on a comparable basis compared to the first half of last year.

Image Credits: gucci.com

France Fashion Gucci Kering Luxury Quarter Results Results